Aradel Holdings Plc, an indigenous integrated energy company, at the weekend disclosed that its wholly-owned subsidiary, Aradel Energy Limited, has successfully completed the acquisition of an additional equity interest in ND Western Limited (“NDW”), following the fulfilment of all regulatory and contractual conditions precedent.
The transaction, previously announced on 24th October 2025, involved the acquisition of a 40 per cent equity interest in NDW from Petrolin Trading Ltd. With the completion of the transaction, Aradel Energy Limited’s shareholding interest in NDW increased from 41.67 per cent to 81.67 per cent, and NDW has become a subsidiary of Aradel Energy Limited.
The acquisition also resulted in a material increase in Aradel’s aggregate shareholding in Renaissance Africa Energy Company Limited, increasing its total indirect ownership in the company from 33.3 per cent to 53.3 per cent.
NDW holds a 45 per cent participating interest in OML 34 (“OML 34”), a producing Oil Mining Lease 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 which operates the Renaissance Joint Venture.
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Commenting on the transaction, Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, said the acquisition is consistent with Aradel’s long-term strategy of disciplined portfolio consolidation, asset base expansion and sustainable value creation. He added that it further strengthens the Company’s position within Nigeria’s upstream oil and gas sector, enhances operational scale and supports improved efficiency and resilience across the Company’s asset portfolio.
“The completion of this acquisition represents a further step in the execution of our growth and consolidation strategy. 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 optimization,” Falade said.
The transaction was completed following the receipt of all requisite regulatory approvals, including approvals from the Nigerian Upstream Petroleum Regulatory Commission and the Federal Competition & Consumer Protection Commission, and is in compliance with all other applicable regulatory, governance, and disclosure requirements.
