Renaissance Africa Energy has officially completed its acquisition of Shell Petroleum Development Company of Nigeria (SPDC), securing full ownership of the company.
In a statement on Thursday, Renaissance spokesman Tony Okonedo confirmed the deal’s closure, following the initial sale and purchase agreement signed with Shell in January 2024 and all necessary regulatory approvals. SPDC will now operate under the new name, Renaissance Africa Energy Company Limited.
Expressing enthusiasm over the acquisition, Renaissance CEO Tony Attah stated, “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 industrialisation in a sustainable manner.”
Attah acknowledged government support, adding, “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development.”
Renaissance Africa Energy Holdings is a consortium of four Nigerian independent oil and gas companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group—alongside international energy firm Petrolin. With extensive experience in the Niger Delta, the group aims to drive sustainable energy solutions while enhancing Nigeria’s industrial sector.
