2024 Review: Shell Dominates Top Nigerian Mergers and Acquisitions
As we reach the end of the year, it’s that time to take a look back at some of the fascinating deals that shaped 2024. The financial landscape in Nigeria experienced significant activity across various sectors such as oil and gas, banking, private equity, and consumer industries. DealMakers Africa’s recent report on mergers and acquisitions (M&A) highlighted some of the major transactions that took place.
In the first nine months of 2024, Nigeria saw a total of 48 deals amounting to $3.8 billion, making it a prominent player in Africa’s financial landscape. Overall, Africa recorded 282 deals with a combined value exceeding $7.25 billion. It’s evident that Nigeria was a key player in driving these numbers.
Regionally, the distribution of deal values in Africa was as follows: Central Africa recorded deals worth $3 million; East Africa saw transactions amounting to $810.05 million; North Africa had deals totaling $1.25 billion; South Africa tallied $706.71 million, and West Africa led the way with deals valued at $4 billion.
Nigeria, in particular, stood out in the M&A space in 2024 with several significant deals across sectors like oil and gas, banking, and consumer industries. Here are some of the notable transactions that took place:
– Shell’s sale of assets to Renaissance for $2.4 billion represented one of the largest deals of the year, signaling a major shift in ownership within the oil and gas sector.
– Chappal Energies’ acquisition of TotalEnergies’ 10% stake in the SPDC Joint Venture for $860 million was another substantial transaction with implications for the energy market.
– Seplat’s acquisition of Mobil Producing Nigeria Unlimited for $800 million and Oando’s acquisition of NAOC for $783 million underscored the evolving landscape of the oil and gas industry.
– Tolaram’s acquisition of Guinness Nigeria for N104 billion marked a significant development in the brewery sector with far-reaching implications for the market.
– Saroafrica’s takeover of Presco for $125 million and FBN Holdings’ sale of FBNQuest Merchant Bank for N465 billion were also noteworthy in shaping the financial landscape.
– The merger between Providus Bank and Unity Bank with CBN’s support of N700 billion facility brought renewed focus to the banking sector’s resilience.
These transactions not only reflect the economic vibrancy of Nigeria but also demonstrate the evolving landscape of mergers and acquisitions in the region. Every deal tells a story of change, growth, and opportunity in the dynamic world of finance and investment.
