Renaissance Africa Energy Holdings has officially completed its acquisition of Shell Petroleum Development Company of Nigeria Limited (SPDC), following the signing of a sale and purchase agreement with Shell in January 2024.
The acquisition process, which lasted over a year, was initially rejected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October 2024 for not meeting regulatory requirements.
However, after securing the necessary approvals, Renaissance was able to finalize the transaction.
Aradel Holdings Plc, one of the consortium members, confirmed the deal’s completion. Renaissance is a consortium comprising Aradel Holdings Plc, ND Western Limited, FIRST Exploration and Petroleum Development Company Limited, the Waltersmith Group, and international energy company Petrolin.
Commenting on the achievement, Adegbite Falade, chief executive officer of Aradel Holdings described it as a huge one for Nigeria’s energy sector:
“This is a landmark moment for Nigeria’s energy sector and heralds a new era for local participation. It highlights the vital role that indigenous energy companies play in Nigeria’s industrialization and development. As the leading integrated indigenous energy company in Nigeria with a proven track record of twenty (20) years, we remain dedicated to upholding global standards and maintaining operational excellence.”
The CEO also appreciated the Minister of Petroleum Resources, Heineken Lokpobiri; General Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the CEO of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for their contribution to the success of the Renaissance Africa Energy acquisition of the Shell assets.
