Renaissance Africa Acquires Shell’s SPDC

Nigeria’s energy sector has witnessed a major shift following the completion of Shell Petroleum Development Company of Nigeria’s (SPDC) acquisition by Renaissance Africa Energy Holdings (Renaissance).

Aradel Holdings Plc, a publicly listed company on the Nigerian Exchange Limited (NGX), confirmed the finalisation of the deal, which follows a sale and purchase agreement signed with Shell in January 2024. The acquisition received all necessary regulatory approvals, paving the way for full indigenous control of SPDC’s assets.

Renaissance, a consortium of Nigerian independent oil and gas firms, comprises Aradel Holdings Plc, ND Western Limited, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group. These companies, all with operational expertise in the Niger Delta, partnered with Petrolin, an international energy firm with a strong Pan-African outlook.

The transaction marks a significant milestone in Nigeria’s energy landscape, increasing indigenous participation in the sector. Aradel Holdings expressed confidence in the consortium’s ability to manage the acquired assets and extended appreciation to the federal government for its support in facilitating the transition.

Aradel’s investment in Renaissance aligns with its broader strategy of asset diversification and long-term value creation. The company’s Managing Director and CEO, Mr. Adegbite Falade, described the acquisition as a defining moment for Nigeria’s oil and gas industry. He highlighted the crucial role of indigenous firms in driving industrialisation and reaffirmed Aradel’s commitment to global best practices.

He also acknowledged key regulatory bodies, including the Honourable Minister of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company Limited (NNPCL), for their role in approving the transaction. He noted that their support would accelerate the development of Nigeria’s oil and gas resources, enhancing the country’s energy security and industrial growth.