WorldStage Newsonline– Adegbite Falade, MD/CEO of Aradel Holdings has expressed optimism that the just concluded acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC) by Renaissance Africa Energy Holdings (Renaissance consortium ) will facilitate the rapid development of Nigeria’s vast oil and gas resources, further paving the way for the country to achieve energy security and industrial development.
Aradel Holdings, a Nigeria’s integrated independent energy company listed on the Nigerian Exchange Limited, directly and indirectly holds 33.34% equity in Renaissance Africa Energy Holdings.
Other stakeholders in the consortium include three other Nigerian independent oil and gas companies: ND Western Limited, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.
Falade described the acquisition as 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,” he said.
“As the leading integrated indigenous energy company in Nigeria with a proven track record of twenty (20) years, we remain dedicated to upholding global standards and maintaining operational excellence.”
He commended the Minister of Petroleum Resources, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the GCEO of the Nigerian National Petroleum Company Limited (NNPCL) for their foresight and belief in paving the way for the completion of the transaction, saying, “This will surely facilitate the rapid development of Nigeria’s vast oil and gas resources, further paving the way for the Country to achieve energy security and industrial development.’’
The landmark acquisition of SPDC by Renaissance was completed following the signing of a sale and purchase agreement with Shell in January 2024, and the subsequent receipt of all regulatory approvals required for the transaction.
