Though the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has remained mum over the divestment of Shell Petroleum Growth Firm of Nigeria (SPDC), the Nigerian consortium buying the belongings introduced yesterday that the deal has been accomplished.
NUPRC, in October final 12 months, publicly declined approval for the sale as criticism and a sequence of authorized battles face acquisition. Renaissance Africa Vitality Holdings, a consortium of Nigerian companies, introduced earlier this 12 months that the deal obtained approval. However the regulator, in contrast to earlier divestments, remained silent over the deal.
Renaissance, in a press release on Thursday, stated it has accomplished and secured 100 per cent fairness within the firm’s onshore belongings.
The corporate stated the transaction, initially introduced in January 2024, has obtained all essential regulatory approvals.
It famous that SPDC would now function underneath the brand new identify Renaissance Africa Vitality Firm Restricted.
Renaissance Africa Vitality Holdings is a consortium of 4 Nigerian impartial oil and gasoline companies; ND Western Restricted, Aradel Holdings Plc, FIRST Exploration and Petroleum Growth Firm Restricted, and Waltersmith Group, alongside Petrolin, a world vitality firm.
Managing Director and CEO of Renaissance Africa Vitality, Tony Attah, stated the acquisition aligns with the corporate’s imaginative and prescient of driving vitality safety and industrialisation in Africa.
“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 industrialisation in a sustainable method,” Attah stated.
He additionally expressed appreciation to the Minister of Petroleum Sources, the Nigeria Upstream Petroleum Regulatory Fee (NUPRC), and the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) for facilitating the transaction in accordance with the Petroleum Trade Act (PIA).
