- Renaissance Consortium, consisting of ND Western, Aradel Holdings, FIRST EPD Co, Waltersmith Group and Petrolin Group, has acquired Shell Petroleum.
- By taking over SPDC’s assets, the consortium aims to enhance Nigeria’s energy security, boost industrial capacity, and create employment opportunities.
In a landmark $2.4 billion deal, Renaissance, a consortium of leading Nigerian energy companies, has successfully acquired Shell Petroleum Development Company (SPDC). This move highlights the growing influence of indigenous firms in Nigeria’s oil and gas industry, shifting the sector’s dynamics towards greater local ownership and operational control.
The acquisition, led by ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, Waltersmith Group and international energy firm Petrolin Group, positions Renaissance as a formidable force in Nigeria’s upstream oil and gas sector.
By taking over SPDC’s assets, the consortium aims to enhance Nigeria’s energy security, boost industrial capacity, and create employment opportunities.
For years, Nigeria’s oil and gas sector has been dominated by international oil companies (IOCs). However, the completion of this acquisition signals a shift toward indigenous participation in hydrocarbon development.
With extensive expertise in exploration and production, the Renaissance consortium is well-equipped to maximise the potential of these assets while ensuring sustainable and efficient operations.
Beyond strengthening local capacity, the acquisition is expected to drive economic growth by increasing domestic crude oil production, supporting local content initiatives, and fostering technological advancements within the industry.
As Nigeria continues to push for self-sufficiency in energy production, this development reinforces the government’s commitment to empowering local businesses.
Lanre Kalejaiye, CEO of ND Western Limited, emphasised the consortium’s focus on long-term sustainability, stating, “This represents a defining moment for Nigeria’s oil and gas industry.”
“ND Western, as a partner in Renaissance Africa Energy Company, is committed to leveraging our expertise to sustain and grow production from these assets. We look forward to working with our partners to deliver sustainable energy solutions that contribute to Nigeria’s economic prosperity.”
With this acquisition, Renaissance Africa Energy Company solidifies its position as a key player in the industry. The deal marks a transition from foreign to local ownership and sets the stage for more strategic investments in Nigeria’s oil and gas sector.
As indigenous companies take on greater responsibility, the country’s energy landscape is poised for a transformation that could lead to greater efficiency, innovation, and economic resilience.