Shell Nigeria Now ‘Renaissance Africa Energy’ After $2.4 Billion Takeover

March 15, 2025

A Shell logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 23, 2022. REUTERS/Denis Balibouse

Shell Petroleum Development Company of Nigeria Limited (SPDC) has officially changed its name to Renaissance Africa Energy Company Limited following its complete acquisition by Renaissance, a consortium of Nigerian oil firms.

The $2.4 billion deal marks the end of Shell’s 46-year operation in Nigeria’s onshore oil sector.

“Going forward, SPDC will be renamed as Renaissance Africa Energy Company Limited,” company spokesperson Tony Okonedo confirmed.

Renaissance’s Managing Director and CEO expressed gratitude to the Nigerian government for approving the acquisition, emphasising the company’s commitment to energy security and sustainable industrialisation.

Shell Nigeria Now 'Renaissance Africa Energy' After $2.4 Billion Takeover — Copyright 2024 The Associated Press.

He said, “We are extremely proud to have completed this strategic acquisition. The Renaissance’s 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,” he concluded.

Shell had previously announced its decision to divest from Nigeria’s onshore oil operations, paving the way for the historic transition.

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Kathleen Ndongmo

Kathleen is a seasoned communications and public affairs strategist with over 25 years of leadership experience across Africa, Europe, and the Middle East. With a strong background in journalism, corporate communications, and digital media management, she has led impactful campaigns and strategies in both corporate and development sectors.