Renaissance Africa Energy has officially completed the acquisition of Shell Petroleum Development Company of Nigeria (SPDC), securing full (100%) equity ownership.
This milestone follows the signing of a sale and purchase agreement with Shell in January 2024 and the successful completion of all necessary regulatory approvals.
According to a statement released on Thursday by Renaissance Africa Energy Holdings’ spokesperson, Tony Okonedo, the transaction was finalized the same day.
“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as Renaissance Africa Energy Company Limited,” the statement read.
A Landmark Acquisition in Nigeria’s Energy Sector
Speaking on the acquisition, the Managing Director/CEO of Renaissance, Tony Attah, emphasized its significance in advancing Nigeria’s energy security and industrialization.
“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be ‘Africa’s leading oil and gas company, enabling energy security and industrialization in a sustainable manner.’ We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act,” Attah stated.
He further extended gratitude to key stakeholders, including the Minister of Petroleum Resources, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company Limited (NNPCL), for their commitment to facilitating Nigeria’s oil and gas sector growth.
The Consortium Behind the Acquisition
Renaissance Africa Energy Holdings is a consortium comprising four prominent Nigerian oil and gas companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration & Petroleum Development Company Limited, and Waltersmith Group. The consortium also includes Petrolin, an international energy firm with global trading experience and a pan-African investment outlook.
With extensive experience in the Niger Delta’s oil and gas operations, this consortium aims to leverage the acquisition to drive sustainable energy development and enhance Nigeria’s industrial capacity.
Implications for Nigeria’s Energy Sector
The acquisition marks a major step in Nigeria’s oil and gas industry, aligning with the Federal Government’s policies to boost local participation and energy security. As Renaissance Africa Energy Company Limited takes over SPDC’s assets and operations, the focus will be on efficiency, sustainability, and technological innovation.