Renaissance Africa Energy Holdings has finalized the acquisition of the entire equity holding (100%) in Shell Petroleum Development Company of Nigeria (SPDC). The deal, which marks a significant milestone, was completed on Thursday, according to a statement released by Tony Okonedo, the company’s spokesman.
The acquisition follows the signing of a sale and purchase agreement with Shell in January 2024, and the subsequent approval of all necessary regulatory clearances. As part of the transition, SPDC will be rebranded as ‘Renaissance Africa Energy Company Limited,’ the statement revealed.
The Managing Director and CEO of Renaissance Africa Energy Tony Attah, expressed pride in completing this strategic acquisition. He highlighted that Renaissance’s vision is to become “Africa’s leading oil and gas company, driving energy security and industrialization in a sustainable way.” Attah also expressed gratitude to the Federal Government for approving the deal, noting that it aligns with the Petroleum Industry Act, which provides the framework for such transactions.
“We are extremely proud of this achievement,” said Attah. “This acquisition is not just a business milestone, but a step forward for the entire nation as we work to harness Nigeria’s oil and gas resources to accelerate industrial development.”
Attah also extended thanks to key figures involved in the process, including 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 Corporation Limited (NNPCL), for their foresight and support.
Renaissance Africa Energy Holdings is a consortium made up of four major Nigerian oil and gas companies: ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group, all of which have significant operations in the Niger Delta. They are joined by Petrolin, an international energy company with a global reach and a strong pan-African focus.
The successful completion of this acquisition represents a major move in Nigeria’s oil and gas sector, promising to unlock new opportunities for the country’s energy future and industrial growth.
