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Jennete Ugo Anya
- March 17, 2025
Shell Petroleum Development Company of Nigeria Limited (SPDC) has officially changed its name to Renaissance Africa Energy Company Limited following its acquisition by Renaissance, a consortium of Nigerian oil firms.
The $2.4 billion deal marks the end of Shell’s 46-year operation in Nigeria under its former identity.
A spokesperson for the company, Mr. Tony Okonedo, confirmed the rebranding, stating: “Going forward, SPDC will be renamed as Renaissance Africa Energy Company Limited.”
The Managing Director and CEO of Renaissance expressed satisfaction with the completion of the acquisition and acknowledged the Nigerian government’s approval of the transaction.
He emphasised that Renaissance aims to become “Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.”
The acquisition aligns with the provisions of the Petroleum Industry Act and is expected to strengthen local participation in Nigeria’s energy sector.