KEY POINTS

• Aradel raises ND Western stake to 81.67 percent.
• Move aligns with strategy to expand production.
• Regulatory approvals pending for ND Western acquisition.

Adegbite Falade leads Aradel Holdings Plc, a Nigerian energy company that has signed a definitive agreement to buy an additional 40 percent equity stake in ND Western Limited from Petrolin Trading Ltd.

This will strengthen its presence in Nigeria’s upstream oil and gas sector. The acquisition raises Aradel’s shareholding in ND Western to 81.67 percent from 41.67 percent, giving it stronger control of one of Nigeria’s most prominent independent producers.

In a statement signed by Chief Financial Officer Adegbola Adesina, Aradel said the transaction aligns with its long-term strategy to expand reserves, production, and infrastructure. ND Western owns a 45 percent interest in Oil Mining Lease 34 (OML 34), a high-yield field in the Western Niger Delta with large oil and gas deposits supporting both domestic and export operations.

Regulatory approvals pending for ND Western acquisition

The deal also gives Aradel indirect exposure to Renaissance Africa Energy Holding Co. Ltd., where ND Western owns a 50 percent stake. According to Billionaires Africa, Renaissance operates through the Renaissance Joint Venture, one of Nigeria’s fast-growing energy partnerships.

Aradel further noted that completion of the deal remains subject to approvals from the Nigerian Upstream Petroleum Regulatory Commission, the Federal Competition and Consumer Protection Commission, and Ministerial Consent.

Aradel expands gas network and market position

Formerly Niger Delta Exploration & Production Plc, Aradel has evolved into a fully integrated energy group spanning upstream, midstream, and downstream operations. Under Falade’s leadership, it has invested heavily in gas processing and infrastructure.

Since commissioning a 100 million standard cubic feet per day gas plant in 2012, the company has supplied the domestic market and eliminated routine flaring at its Ogbele field becoming Nigeria’s first non-joint-venture supplier to NLNG.

Aradel, which went public on the Nigerian Exchange in October 2024, reported first-half 2025 revenue of N368.08 billion ($240.5 million), a 37 percent increase from the previous year, thanks to higher output and strategic acquisitions.

Recent purchases include a gas supply contract with NLNG, the $19.5 million purchase of Olo marginal assets, and a $20 million investment in Chappal Energies. Finally, these are all part of its effort to improve its offshore and gas portfolio.