Shell Nigeria gets new name after complete acquisition by Renaissance

Shell Petroleum Development Company of Nigeria Limited, SPDC, has been renamed to Renaissance Africa Energy Company Limited after 46 years of operation in Nigeria.

The development comes after Renaissance, a consortium of Nigerian oil firms, sealed the complete acquisition of Shell in a $2.4 billion deal.

The company’s spokesperson, Tony Okonedo, said:”Going forward, SPDC will be renamed as Renaissance Africa Energy Company.

Limited”.

Reacting to the complete acquisition of Shell, the Managing Director/CEO of Renaissance lauded the Nigerian government for giving the approval for Shell’s acquisition.

“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 said.

DAILY POST reports that Shell agreed to sell its onshore oil production in Nigeria.