Shell Petroleum Development Company of Nigeria Limited (SPDC) has been renamed Renaissance Africa Energy Company Limited after 46 years of operations in Nigeria. The change follows the full acquisition of Shell by Renaissance, a consortium of Nigerian oil firms, in a $2.4 billion deal. Company spokesperson Tony Okonedo stated, "Going forward, SPDC will be renamed Renaissance Africa Energy Company Limited." Reacting to the acquisition, the Managing Director/CEO of Renaissance praised the Nigerian government for approving the deal. “We are extremely proud to have completed this strategic acquisition. “The Renaissance’s 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,” he said.