Renaissance Africa Power Holdings, a consortium of Nigerian and worldwide vitality companies, has accomplished the acquisition of the Shell Petroleum Growth Firm of Nigeria (SPDC).
In accordance with a Press Launch issued by the spokesperson of Renaissance, Tony Okonedo, on Thursday, the corporate is now generally known as Renaissance Africa Power Firm Restricted.
Nairametrics reported that the deal was finalized in December 2024 following regulatory approvals by the Nigerian authorities.
In accordance with Okonedo, Renaissance has accomplished all processes for the total switch of possession of SPDC to the consortium, and it’ll now function as Renaissance Africa Power Firm Restricted.
“Renaissance Africa Power Holdings right now introduced that it has efficiently accomplished the landmark transaction between itself and Shell for the acquisition of all the (100%) fairness holding within the Shell Petroleum Growth Firm of Nigeria (SPDC).
“This follows the signing of a sale and buy settlement with Shell in January 2024 and acquiring all regulatory approvals required for the transaction. Going ahead, SPDC will likely be renamed as ‘Renaissance Africa Power Firm Restricted,” the assertion learn.
The Managing Director/CEO of Renaissance, Tony Attah, mentioned Renaissance Africa Power Firm Restricted has a imaginative and prescient to be the main oil and gasoline producer in Africa and to assist the continent obtain vitality safety.
He expressed gratitude to the federal authorities and pledged the corporate’s dedication to the Petroleum Business Act.
“We’re extraordinarily proud to have accomplished this strategic acquisition. The Renaissance imaginative and prescient is to be “Africa’s main oil and gasoline firm, enabling vitality safety and industrialization in a sustainable method.”
“We and our shareholder firms are due to this fact happy that the Federal Authorities has given the inexperienced gentle for this milestone acquisition consistent with the provisions of the Petroleum Business Act,” the CEO mentioned.
Attah acknowledged the contributions of Nigeria’s Minister of Petroleum Resources, the Nigeria Upstream Petroleum Regulatory Fee (NUPRC), and the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) in facilitating the deal.
“We lengthen our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Fee (NUPRC), and the CEO of Nigeria Nationwide Petroleum Firm Restricted (NNPCL) for his or her foresight and perception, paving the way in which for the speedy improvement of Nigeria’s huge oil and gasoline sources as strategic accelerator for the nation’s industrial improvement.”
What it’s best to know
The Renaissance consortium contains the next firms:
- ND Western Restricted,
- Aradel Holdings Plc,
- FIRST Exploration and Petroleum Growth Firm Restricted,
- Waltersmith Group, and Petrolin, a world vitality agency.
In accordance with the assertion, these firms collectively handle belongings price over $3 billion and produce roughly 100,000 barrels of oil per day throughout 12 oil mining leases.
The group additionally operates two modular refineries in Nigeria’s Niger Delta.
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