Historic: Everything Tony Okonedo said about the deal that led to the re-christening of SPDC, the pioneer of petroleum industry in Nigeria + NEW NAME
Shell Petroleum Development Company of Nigeria (SPDC) has been renamed Renaissance Africa Energy Company
Limited after 46 years of operation in Nigeria.
Platforms Africa reports that this was sequel to the acquisition of the company’s entire stake by Renaissance Africa Energy Holdings today, Thursday, March 13, 2025.
Renaissance announced that it had successfully completed the landmark transaction between itself and Shell for the acquisition of the entire (100%) equity holding in the oldest oil firm in Nigeria.
Platforms Africa reports that the SPDC was established in 1979, incorporating assets of the older Shell-BP consortium. Over time, the Nigerian National Petroleum Corporation comes to own 55 percent, Shell owns 30 percent, France’s Total owns 10 percent and Italy’s Eni 5 percent.
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This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction.
“Going forward, SPDC will be renamed as Renaissance Africa Energy Company
Limited,” spokesperson for the new company, Tony Okonedo, confirmed in a statement to Platforms Africa.
Renaissance Africa Energy Holdings is a consortium consisting of four successful
Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc. FIRST Exploration and Petroleum Development Company Limited and Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.
“We are extremely proud to have completed this strategic acquisition. The
Renaissance vision is to be “Africa’s leading oil and gas company, enabling
energy security and industrialisation in a sustainable manner.”
We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act’ said Tony Attah,
Managing Director/CEO of Renaissance who
added that: “We extend our appreciation to the Honourable Minister of Petroleum Resources, and the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the GCE0 of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gasresources as strategic accelerator for the country’s industrial development”.
Platforms Africa
