Top Company Mergers and Acquisitions in Nigeria for 2024

In 2024, Nigeria saw a lot of big business deals, especially in mergers and acquisitions, more than any year since 2014. 

These deals were mainly in the oil and gas industry, changing the market landscape significantly. 

Here’s a rundown of the biggest business mergers and acquisitions in Nigeria for the year.

1. Renaissance Consortium and Shell Petroleum Development Company (SPDC)

The year began with a major deal where a group of Nigerian oil companies bought Shell’s onshore oil division for $2.4 billion. This deal, which took a while to get approved, shows a shift from foreign to local ownership in Nigeria’s oil sector.

2. Chappal Energies and TotalEnergies

Chappal Energies stepped into the spotlight by buying TotalEnergies’ onshore oil and gas assets for $860 million. This move is yet to be approved, but it highlights the company’s ambitious plans in the oil industry.

3. Seplat and Mobil Producing Nigeria Unlimited (MPNU)

Seplat finally got the go-ahead to buy Mobil Producing Nigeria Unlimited for $800 million after waiting for over two and a half years. This deal, completed in December, boosts Seplat’s role in Nigeria’s oil market.

4. Oando and Nigerian Agip Oil Company (NAOC)

Oando made a significant purchase of Eni’s stake in NAOC for $783 million, marking the first deal of this kind approved in 2024. This is part of a broader trend of international companies selling their Nigerian operations to local businesses.

5. Tolaram Group and Guinness Nigeria

Tolaram Group bought a 58% stake in Guinness Nigeria from Diageo for N104 billion, leading Diageo to exit the Nigerian market. This deal reflects a shift in the brewery industry, with local firms taking over from international companies.

6. Saroafrica International and Presco

Saroafrica International expanded its agricultural holdings by acquiring Presco Plc. They bought a majority stake in SIAT Group, Presco’s main shareholder. This not only strengthens their market position but also opens up expansion into Ghana.

7. FBN Holdings and FBNQuest Merchant Bank

FBN Holdings sold its investment banking subsidiary to a consortium called EverQuest Acquisition LLP. This move is part of a plan to meet new financial regulations.

8. Providus Bank and Unity Bank Merger

Unity Bank and Providus Bank merged to meet a new financial requirement from the Central Bank of Nigeria. This merger is the first of its kind in Nigeria’s banking sector in five years.