Aradel Holdings Completes Acquisition of Additional 40% Stake in ND Western, Consolidates Upstream Portfolio

Aradel Holdings Plc, a leading indigenous integrated energy company, has announced the successful completion of its acquisition of an additional 40 per cent equity interest in ND Western Limited (NDW) through its wholly owned subsidiary, Aradel Energy Limited.

The completion follows the fulfilment of all regulatory and contractual conditions precedent, marking a significant step in Aradel’s strategy of portfolio consolidation and operational scale-up.

Transaction Details and Ownership Impact

The transaction, which was first announced on 24 October 2025, involved the acquisition of the 40 per cent stake from Petrolin Trading Ltd.

With the completion of the deal:

• Aradel Energy Limited’s shareholding in ND Western increased from 41.67 per cent to 81.67 per cent

• ND Western has become a subsidiary of Aradel Energy Limited

• Aradel’s aggregate shareholding in Renaissance Africa Energy Company Limited increased from 33.3 per cent to 53.3 per cent, giving it majority indirect ownership

ND Western holds a 45 per cent participating interest in Oil Mining Lease 34 (OML 34), a producing asset located in the Western Niger Delta, and owns 50 per cent of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, operator of the Renaissance Joint Venture.

Strengthening Upstream Position

The acquisition significantly strengthens Aradel’s position within Nigeria’s upstream oil and gas sector, enhancing operational scale, resilience, and efficiency across its asset base.

OML 34 is regarded as a strategic producing asset, and increased ownership provides Aradel with greater control over operations, capital allocation, and long-term development planning.

CEO: Advancing Growth and Consolidation Strategy

Commenting on the transaction, Adegbite Falade, Chief Executive Officer of Aradel Holdings Plc, described the acquisition as a critical step in the execution of the company’s growth strategy.

“The completion of this acquisition represents a further step in the execution of our growth and consolidation strategy,” Falade said.

“Increasing our equity interest in ND Western reinforces Aradel’s position as a leading indigenous integrated energy company and enhances our ability to drive long-term value for shareholders through scale, operational efficiency, and portfolio optimisation.”

Regulatory Approvals and Compliance

The transaction was completed after securing all required regulatory approvals, including those from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Competition and Consumer Protection Commission (FCCPC).

Aradel confirmed that the acquisition complies fully with all applicable regulatory, governance, and disclosure requirements.

Long-Term Strategic Outlook

Analysts say the deal aligns with Aradel’s disciplined approach to growth, focused on consolidating high-quality assets, improving operational performance, and delivering sustainable value.

As Nigeria’s energy sector continues to evolve under the Petroleum Industry Act, Aradel’s expanded footprint positions it to play a more influential role in upstream production, asset optimisation, and long-term energy security.