Renaissance Africa Energy Holdings has completed its acquisition of Shell Petroleum Development Company (SPDC) in Nigeria. The $1.3 billion deal, backed by regulatory approval, positions Renaissance as a key player in Africa’s energy sector. The company aims to enhance Nigeria’s energy security, expand production, and drive sustainable industrial development.
Renaissance Africa Energy Holdings has finalized the acquisition of Shell Petroleum Development Company (SPDC) in Nigeria, securing 100% equity in the company. This milestone follows regulatory approval from the federal government, marking a significant shift in Nigeria’s energy sector.
Renaissance, a consortium of Nigerian energy firms including ND Western, Aradel Energy, First E&P, and Waltersmith, initially struck the $1.3 billion deal with Shell in early 2024. However, regulatory hurdles delayed its completion until late 2025. Following the acquisition, SPDC will be renamed Renaissance Africa Energy Company Limited.
Tony Attah, CEO of Renaissance, expressed pride in the deal, emphasizing its role in enhancing Nigeria’s energy security and industrial development. He credited government officials and regulators for their support in advancing the nation’s petroleum industry under the Petroleum Industry Act.
With a combined asset base exceeding $3 billion, Renaissance partners operate 12 oil mining leases and produce around 100,000 barrels per day. They also manage modular refineries in the Niger Delta, reinforcing their commitment to sustainable energy solutions.
The company aims to drive innovation and expansion in Nigeria’s oil and gas sector, leveraging technology and expertise to meet the country’s growing energy demands while preparing for the global energy transition.
This acquisition positions Renaissance as a key player in Africa’s energy landscape, promising increased investments, job creation, and improved energy infrastructure across Nigeria.
