Renaissance Africa Energy Finalizes Acquisition of Shell’s SPDC in Nigeria
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Aradel Holdings Plc has confirmed the successful completion of Renaissance Africa Energy Holdings’ acquisition of a 100% interest in the Shell Petroleum Development Company of Nigeria (SPDC). The transaction follows the Sale and Purchase Agreement signed with Shell in January 2024 and the subsequent receipt of all required regulatory approvals.
Renaissance Africa Energy Holdings is a consortium comprising Aradel Holdings Plc, ND Western Limited, FIRST Exploration and Petroleum Development Company Limited, Waltersmith Group, and Petrolin. The Nigerian partners bring extensive operational experience in the Niger Delta, while Petrolin contributes international energy trading expertise and a strong pan-African perspective.
Aradel expressed its pride in the successful completion of the strategic transaction and appreciation to the Federal Government for the confidence placed in the consortium and the opportunities and responsibilities that come with the acquisition.
Commenting on the development, Adegbite Falade, Managing Director and CEO of Aradel Holdings, described the acquisition as a significant milestone for Nigeria’s energy industry and a major step forward for indigenous participation in the sector.
He noted that the transaction demonstrates the increasingly important role of Nigerian-owned energy companies in driving industrialisation and economic development. With more than two decades of experience as an integrated indigenous energy company, Aradel remains committed to global standards, operational excellence, and sustainable growth.
Falade also acknowledged the contributions of the Minister of Petroleum Resources, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) for their support and leadership in facilitating the completion of the deal.
According to him, the successful transaction is expected to accelerate the development of Nigeria’s substantial oil and gas resources while supporting the country’s pursuit of energy security and broader industrial development.
Aradel’s investment in Renaissance represents another important milestone in the company’s transformation strategy. It reinforces its commitment to diversifying its asset portfolio, strengthening its position in Nigeria’s energy sector, and delivering sustainable long-term value to shareholders and other stakeholders.
