Gabon's Samuel Dossou-aworet, Nigeria's Abdulrazaq Isa, And Adegbite Falade Lead 2.4 Billion Shell Asset Takeover
- The consortium, including Petrolin Group and Waltersmith, secures full ownership of Shells Nigerian onshore assets after regulatory approvals.
- The deal aligns with Shells strategy to mitigate security risks and environmental concerns, with an initial 1.3 billion payment and potential future payments.
- Aradel secures a major share in the new entity, reinforcing indigenous ownership in Nigerias oil and gas industry.
Renaissance Africa Energy Holdings, a consortium of leading energy firms, has officially taken full ownership of the Shell Petroleum Development Company of Nigeria SPDC after securing all necessary regulatory approvals and final green light from the Federal Government of Nigeria.
The 2.4 billion deal marks the transfer of Shells entire 100 percent equity holding to Renaissance, which includes Gabonese tycoon Samuel Dossou-Aworets Petrolin Group, Abdulrazaq Isas Waltersmith Group, and Aradel Holdings Plc, led by Adegbite Falade. The sale was first announced in January 2024 .
This acquisition aligns with Shells strategy to exit Nigerias onshore oil sector, where security risks, environmental concerns, and community unrest have posed persistent challenges. Under the terms of the deal, Shell will receive an initial payment of 1.3 billion, with up to 1.1 billion in potential future payments, bringing the total transaction value to 2.4 billion.
Renaissance boosts Nigerias energy futureRenaissance, a consortium of independent oil companiesincluding Aradel Holdings, ND Western, FIRST Exploration and Petroleum Development Company, and Waltersmith Grouphas joined forces with Petrolin, a global energy player, to take over Shells onshore assets in Nigeria. This acquisition cements their position in the countrys oil and gas industry. The group has assured a smooth transition and is committed to working closely with SPDCs experienced workforce and key stakeholders to sustain and grow operations.
This is a landmark moment for Nigeria's energy sector and heralds a new era for local participation, said Adegbite Falade , CEO of Aradel Holdings. It highlights the vital role that indigenous energy companies play in Nigeria's industrialization and development. As the leading integrated indigenous energy company in Nigeria with a proven track record of twenty years, we remain dedicated to upholding global standards and maintaining operational excellence. This will surely facilitate the rapid development of Nigerias vast oil and gas resources, further paving the way for the Country to achieve energy security and industrial development.x2019