Nigeria’s corporate scene turned into a hotbed of activity in 2024 with a record-breaking surge in mergers and acquisitions—the highest since 2014.

The oil and gas sector stole the spotlight, with a flurry of deals nearly sweeping international players out of Nigeria’s shallow-water oil exploration game.

DealMakers Africa reports that the value of mergers and acquisitions (M&A) in Nigeria reached $3.8 billion in the first nine months of 2024, the highest figure on the continent outside South Africa.

During this period, 48 M&A transactions were recorded in Nigeria. This report highlights 10 of the most noteworthy deals that captured significant attention.

1. Renaissance’s $2.4 billion acquisition of SPDC

In January 2024, a powerhouse team of five smaller upstream oil companies—ND Western, Aradel Holdings, Petrolin Group, First E&P, and Waltersmith Group—joined forces to strike a major deal: the acquisition of Shell Petroleum Development Company (SPDC). For context, SPDC was Shell’s onshore arm in Nigeria, acting as the engine behind the oil giant’s shallow-water operations in the region.

The deal, with a net book value of $2.8 billion, includes an initial payment of $1.3 billion alongside future cash payments totaling $1.1 billion to Shell.

Since January 2024, the deal stalled despite the reached agreement between Shell and the Renaissance consortium due to a lack of regulatory approval. However, on December 18, the Federal Government finally gave its nod to the deal which would be the largest single M&A deal in Nigeria in over a decade.

2. Chappal Energies’ $860 million acquisition of TotalEnergies onshore assets

In July, Chappal Energies went after TotalEnergies’ stake in onshore oil and gas assets. Chappal, the “new kid on the block,” made a series of bold moves that quickly brought it into the spotlight in the oil and gas sector. However, the deal is yet to receive regulatory approval.

TotalEnergies EP Nigeria is putting up for sale its 10 percent stake in the SPDC JV, which operates 18 oil mining licenses in Nigeria. The JV’s equity owners include NNPC Limited with 55 percent, SPDC with 30 percent, and NAOC with 5 percent.

What’s intriguing is that SPDC is now under Renaissance’s ownership, while NAOC is controlled by Oando, transforming the JV into a fully Nigerian venture.

3. Seplat’s $800 million acquisition of MPNU

After more than 30 months of awaiting regulatory approval, Seplat finally received ministerial approval for its acquisition of Mobil Producing Nigeria, the controller of ExxonMobil’s onshore assets in Nigeria.

The deal valued at $800 million was finally completed in December 2024.

4. Oando’s $783 million acquisition of NAOC

Oando’s acquisition of Eni’s onshore assets, held in NAOC, broke ground as the first oil and gas deal to receive ministerial approval, setting the stage for a wave of other IOCs to exit Nigeria’s onshore terrain.

The $783 million deal received ministerial approval in July, and was completed by August.

5. Tolaram’s N104 billion acquisition of Diageo’s stake in Guinness Nigeria

Unlike the above listed deals that involved a 100 percent takeover, this case is quite different. In June 2024, Diageo announced its decision to divest from Guinness Nigeria, disclosing plans to sell its 58 percent stake in the company to Tolaram Group. This deal valued at around N104 billion saw Diageo exit from Guinness Nigeria, and inadvertently, from the Nigerian market.

Much like the oil and gas sector, this deal signaled a growing trend of international players exiting the Nigerian brewery scene, with Heineken also making its departure from Champion Breweries earlier in the year.

6. Saroafrica’s takeover of Presco

Nigeria’s agricultural scene also buzzed with action this year, as local firms step up in big ways. In March 2024, Oak and Saffron—a special purpose vehicle created by Saroafrica International—took over Presco Plc. By acquiring an 86.7 percent stake in SIAT Group, the majority shareholder in Presco, Oak and Saffron handed majority control of the company to Saroafrica.

Just as Saroafrica’s bold move was still making waves, Presco turned heads with a $125 million bid to acquire Ghana Oil Palm Development Company (GOPDC), one of Ghana’s largest oil palm producers.

7. FBN Holdings sale of FBNQuest Merchant Bank

In September, FBN Holdings disclosed the sale of its investment banking subsidiary, FBNQuest Merchant Bank, to a consortium known as EverQuest Acquisition LLP.

The consortium comprises Custodian Investment, Aion Investment, and Evercorp Industries, the new owners of Champion Breweries. The move by FBN Holdings was in tandem with a proposed move by some banking groups to raise new capital for their recapitalization efforts.

Although the overall value of this deal is unknown, FBN Holdings in its 9M 2024 statement valued the “assets put up for sale” at around N465 billion.

8. Providus Bank and Unity Bank merger

Following the Central Bank of Nigeria’s recapitalization mandate, Unity Bank and Providus Bank announced a strategic merger in August to bolster their financial strength. The merger which is Nigeria’s banking sector first in half a decade will receive a banking support of N700 billion from the CBN.