Aradel Holdings Plc, as part of Renaissance Africa Energy Company Limited, has announced the successful completion of the acquisition of the Shell Petroleum Development Company of Nigeria Limited (SPDC).
Renaissance Africa Energy Company Limited, also known as Renaissance Consortium, consisting of Aradel Holdings Plc, ND Western Limited, FIRST Exploration and Petroleum Development Company Limited, Waltersmith Group, and Petrolin, has finalised the landmark $2.4 billion transaction, representing a historic milestone in the evolution of Nigeria’s oil and gas industry.
The transaction includes the acquisition of SPDC’s entire shareholding and interests in multiple oil mining leases, OMLs, and associated infrastructure critical to Nigeria’s energy supply chain.
This acquisition marks a pivotal step in deepening indigenous participation in Nigeria’s upstream sector, enhancing energy security, and positioning Nigerian companies to play a greater role in the responsible management of key oil and gas assets.
Aradel’s equity investment in Renaissance marks a significant step in the ongoing transformation journey of the company and demonstrates its commitment to asset diversification, and the creation of long-term value for its shareholders and stakeholders.
Adegbite Falade, MD/CEO of Aradel Holdings, commented on the completion of the acquisition, saying: “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 industrialisation and development. As the leading integrated indigenous energy company in Nigeria with a proven track record of twenty years, we remain dedicated to upholding global standards and maintaining operational excellence.
“We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigerian Upstream Petroleum Regulatory Commission and the GCEO of the Nigerian National Petroleum Company Limited for their foresight and belief in paving the way for the completion of this transaction. This will surely facilitate the rapid development of Nigeria’s vast oil and gas resources, further paving the way for the Country to achieve energy security and industrial development.”
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FIRST E&P’s Managing Director, Ademola Adeyemi-Bero, stated: “This acquisition underscores the capability and readiness of indigenous companies like FIRST E&P and our consortium partners to take on strategic assets and drive value creation for Nigeria and its people. We are proud to be part of this transformational journey and committed to upholding the highest standards of safety, environmental stewardship, and operational excellence.”
Through the acquisition, FIRST E&P and its consortium partners said they are committed to delivering long-term value, creating opportunities for Nigerian talent, supporting host communities, and contributing meaningfully to Nigeria’s energy transition goals.
