The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has not yet released a public statement regarding the divestment of Shell Petroleum Development Company of Nigeria (SPDC), even though a Nigerian consortium has confirmed that the transaction has been completed. Last October, the NUPRC initially rejected the proposed sale, citing criticisms and ongoing legal hurdles surrounding the acquisition. Earlier this year, Renaissance Africa Energy Holdings a consortium made up of several Nigerian firms—claimed that all the necessary regulatory approvals for the deal had been obtained. Nevertheless, the NUPRC has not updated its position, which is unusual given its typical promptness in addressing similar divestments.

Recently, Renaissance announced that it has successfully concluded the acquisition, now holding 100 percent equity in SPDC’s onshore assets. Initially disclosed in January 2024, the deal has received all requisite regulatory approvals. Following this acquisition, SPDC will operate under the new name Renaissance Africa Energy Company Limited. The consortium is composed of four independent Nigerian oil and gas companies which are: ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and Waltersmith Group along with the international energy firm Petrolin.

Tony Attah, the Managing Director and CEO of Renaissance Africa Energy, emphasized that the acquisition aligns with the company’s strategic objective of enhancing energy security and promoting industrial growth across Africa. He stated, “We are very proud to have finalized this strategic acquisition. Our vision at Renaissance is to become Africa’s foremost oil and gas company, fostering energy security and industrialization sustainably.” Attah also acknowledged the contributions of the Minister of Petroleum Resources, the NUPRC, and the Nigerian National Petroleum Company Limited (NNPCL) in facilitating the transaction in compliance with the Petroleum Industry Act (PIA).