Aradel Holdings completes 40% stake acquisition in ND Western

Aradel Holdings Plc, the Nigerian energy group led by Adegbite Falade, has completed the acquisition of an additional 40 percent equity stake in ND Western Limited, cementing its control of the Nigerian oil and gas producer. 

The transaction, executed through its wholly owned unit Aradel Energy Limited, follows the fulfillment of all regulatory and contractual conditions. It was first disclosed on Oct. 24, 2025.

With the deal completed, Aradel Energy’s holding in ND Western rises to 81.67 percent from 41.67 percent, making ND Western a subsidiary. The acquisition also lifts Aradel’s indirect ownership in Renaissance Africa Energy Company Limited to 53.3 percent from 33.3 percent.

Aradel gains OML 34 Influence

ND Western holds a 45 percent participating interest in Oil Mining Lease 34, a producing asset in Nigeria’s western Niger Delta. The company also owns half of Renaissance Africa Energy Holding Company Ltd., the parent of Renaissance Africa Energy Company, which operates the Renaissance joint venture. 

The added stake gives Aradel deeper exposure to producing assets and greater influence over operations linked to OML 34.

Falade advances compliant asset scale

Aradel said the transaction was completed after receiving approvals from the Nigerian Upstream Petroleum Regulatory Commission and the Federal Competition and Consumer Protection Commission. The company said it met all disclosure, governance and regulatory requirements. 

Chief Executive Officer Adegbite Falade said the acquisition strengthens Aradel’s operating base and supports its long-term plans. 

“This moves us further along our strategy of building scale in assets we know well,” Falade said. “It puts us in a stronger position to run these operations efficiently and deliver steady returns for shareholders.”

Aradel emerges as one of Africa’s top energy groups

Founded in 1992 as Niger Delta Exploration & Production Plc, Aradel has grown into a diversified independent energy group with operations spanning upstream, midstream and downstream activities. 

The company has made gas development a core focus. It commissioned a 100 million standard cubic feet-per-day gas processing plant in 2012, supplies gas to the domestic market and eliminated routine flaring at its Ogbele field. Aradel, as the first non-joint venture producer to supply gas to Nigeria LNG, signed a new gas supply agreement with the company in August. 

Since listing on the Nigerian Exchange in October 2024, Aradel has emerged as one of the market’s largest energy stocks. For the first nine months of 2025, revenue rose 43 percent to N538.8 billion ($372.8 million) from N377.6 billion ($261.3 million) in 2024, driven by higher crude oil, gas and refined-product sales volumes.