The company said SPDC will be renamed as Renaissance Africa Energy Company Limited.

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

''This is a landmark moment for Nigeria's energy sector and heralds a new era for local participation. It highlights the vital role that indigenous energy companies play in Nigeria's industrialisation and development.”

Aradel Holdings Plc (’’Aradel’’), listed on the Nigerian Exchange Limited, is pleased to announce that the landmark acquisition of the entire (100%)

Shell Petroleum Development Company (SPDC) has completed its $2.4 billion asset sale to the Renaissance Group, exiting Nigeria's onshore oil and gas sector.