March 14, (THEWILL) – Renaissance Africa Energy Holdings has announced the successful completion of its acquisition of Shell Petroleum Development Company of Nigeria (SPDC), securing full ownership of the company.
The deal, which follows the signing of a sale and purchase agreement with Shell in January 2024, received all necessary regulatory approvals, paving the way for the transition.
Confirming the acquisition in a statement on Thursday, Renaissance Africa Energy Holdings’ Spokesman, Tony Okonedo, disclosed that SPDC will now operate under the new name Renaissance Africa Energy Company Limited.
Renaissance Africa Energy Holdings is a consortium comprising four leading Nigerian independent oil and gas companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group—alongside Petrolin, an international energy firm with extensive global trading experience and a pan-African focus.
Speaking on the acquisition, Managing Director/CEO of Renaissance, Tony Attah, described the deal as a landmark achievement in Nigeria’s energy sector.
“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,” Attah stated.
He expressed gratitude to the Federal Government for its support, noting that the acquisition aligns with the objectives of the Petroleum Industry Act (PIA).
“We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL) for their foresight and belief in this transaction. Their support has paved the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic driver for the country’s industrial growth,” he added.
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