In 2024, Nigeria witnessed a surge in mergers and acquisitions, particularly in the oil and gas sector. DealMakers Africa reported that the value of M&A in Nigeria reached $3.8 billion in the first nine months of the year, the highest figure on the continent outside South Africa. A total of 48 M&A transactions were recorded during this period, with some notable deals grabbing attention.
1. Renaissance Consortium acquired SPDC from Shell for $2.4 billion in January 2024, making it the largest M&A deal in Nigeria in over a decade.
2. Chappal Energies made an $860 million bid for TotalEnergies’ onshore assets in July.
3. Seplat finally received ministerial approval for its $800 million acquisition of MPNU after a 30-month wait.
4. Oando acquired NAOC’s onshore assets for $783 million, becoming the first oil and gas deal to receive ministerial approval.
5. Tolaram Group purchased Diageo’s 58% stake in Guinness Nigeria for N104 billion.
6. Saroafrica took over Presco Plc by acquiring an 86.7% stake in SIAT Group.
7. FBN Holdings sold FBNQuest Merchant Bank to a consortium led by EverQuest Acquisition LLP.
8. Providus Bank and Unity Bank announced a strategic merger to strengthen their financial position, supported by a N700 billion banking support from the CBN.
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