Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC).

This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings Tony Okonedo who said the acquisition was completed on the same day.

“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited,” the statement added.

“We are extremely proud to have completed this strategic acquisition. The Renaissance 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,” said the Managing Director/CEO of Renaissance Tony Attah.

He added: “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development”.

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RENAISSANCE COMPLETES ACQUISITION OF SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA (SPDC)

Renaissance Africa Energy Holdings today announced that it has successfully completed the landmark transaction between itself and Shell for the acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC). This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited.

Renaissance Africa Energy Holdings is a consortium consisting of four successful Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc. 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.

“We are extremely proud to have completed this strategic acquisition. The Renaissance 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” said Tony Attah, Managing Director/CEO of Renaissance who added that:

“We extend our appreciation to the Honourable Minister of Petroleum Resources, and the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as strategic accelerator for the country’s industrial development”.

The Leader of the Senate, Senator Opeyemi Bamidele on Tuesday reeled out the accomplishments of the 10th National Assembly, saying the upper chamber had been passing diverse laws aimed at creating an environment for economic competitiveness and positioning Nigeria for a $1 trillion economy by 2030.

Bamidele, currently representing Ekiti Central, added that many of these legislative initiatives are already making a difference in the daily lives of the citizenry and the collective prosperity of the country.

He made these remarks yesterday at a meeting with the delegation of the United Kingdom Parliament held at the conference room, New Senate Wing, National Assembly Complex, Abuja.

Led by MP Kate Osamor of Edmonton & Winchmore Hill, the delegation comprises a member of the Parliament for Dumfriesshire, Clydesdale & Tweeddale, Rt. Hon. David Mundell; member of the Parliament for Westminster North; Dame Karen Buck; member of the House of Lords; Lord Jonathan Oates; member of the Parliament for Worthing West; Dr Beccy Cooper and member of the Parliament for Plymouth Moor View; Rt Hon. Fred Thomas, among others.

At the session with members of the UK Parliament, Bamidele explained that the National Assembly would continue to play pivotal roles in building a resilient economy and functional political system, which guarantees the security of the citizenry.

He said: “Since the birth of the 10th Senate about two years ago, I have been discharging the duties of my office with modest records of accomplishment. One of such accomplishments is the timely passage of key legislations, particularly in the areas of fiscal reform and national security

“By engaging my colleagues across all political divides, we have successfully passed laws aimed at creating an environment for economic competitiveness and positioning Nigeria for a $1 trillion economy by 2030. I am proud to say that many of these legislative initiatives are already making a difference in the daily lives of our citizens.

“As we look towards the future, we remain deeply committed to strengthening Nigeria’s democratic institutions and ensuring that the National Assembly continues to play its pivotal role in building a resilient economy and a functional political system that guarantees the security of all.”

Bamidele disclosed that the nation’s parliament is building synergy with different parliamentary associations and institutions across the world to address the dearth of institutional capacity.

In her own presentation, the leader of the delegation, MP Kate Osamor, solicited for inclusion of more women in the National Assembly to address the existing gender gap in the nation’s electoral offices.

Osamor said: “We have to make sure more women are in the parliament. Every society is a reflection of elected representatives.”

On the issue of gender sensitivity, the senate leader promised the delegation that the 10th Senate would give priority attention to the issue, recalling that the 9th Senate was almost resolving the issue before it came to an end in June 2023.

The Central Bank of Nigeria (CBN) says charges will now apply anytime customers use the Automated Teller Machines (ATMs) of banks other than theirs.

This was contained in a circular dated February 10, 2025, and addressed to all banks and financial institutions, the apex bank’s acting Director of Financial Policy and Regulation Department, John Onojah.

“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the circular partly read.

The CBN directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.

The apex bank said while customers withdrawing at the ATMs of their banks and financial institutions won’t be charged, customers withdrawing from the ATM of other banks would now be charged ₦100 per every ₦20,000.

The CBN said for off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.

The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country.

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the circular stated.