ND Western, a Nigerian energy company, has announced the signing of a landmark transaction with Shell International PLC to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC).
The signing was done through Renaissance Africa Energy Company Limited. Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings Plc, the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group.
This transaction marks a groundbreaking development for the energy sector in Nigeria and Sub-Saharan Africa, offering a unique opportunity for indigenous companies, like ND Western, to expand operations.
In a statement made available to The Guardian, ND Western stated that “by uniting in a consortium, we can enhance our collective strength and foster collaboration and this deal is a testament to ND Western’s commitment to a more diversified and resilient energy landscape.”
Speaking on the transaction, Chief Executive Officer of ND Western, Eberechukwu Oji stated: “This is a significant milestone for the industry and a remarkable opportunity to create more value for stakeholders. The transaction reinstates our commitment to the investment and development of
the energy resources available to us as a country.”
He added: “This move facilitates the transfer of knowledge and operational scaling, benefiting not only our expertise in the gas-to-power sector but also empowering other local entities to contribute to the energy industry’s overall growth.
“Also, with our dedication to gas-to-power initiatives, this deal perfectly supports our strategic vision and enables us to leverage acquired assets for promoting cleaner, sustainable energy solutions.”
Completion of the transaction is subject to the requisite regulatory approvals.
