Aradel eyes majority stake in ND Western in expansion push

Aradel Holdings, a subsidiary of Aradel Holdings Plc, the Nigerian energy group led by Adegbite Falade, has signed a definitive agreement to acquire an additional 40 percent equity stake in ND Western Limited from Petrolin Trading Ltd., deepening its investment in Nigeria’s upstream oil and gas sector. 

The company already owns 41.67 percent of ND Western. Once the deal closes, Aradel’s total shareholding will rise to 81.67 percent, strengthening its control over one of Nigeria’s key independent oil producers.

Strengthening its upstream footprint 

In a statement signed Friday by Chief Financial Officer Adegbola Adesina, Aradel said the move aligns with its long-term plan to expand its asset base and production capacity. ND Western holds a 45 percent participating interest in Oil Mining Lease 34 (OML 34), a major producing field in the Western Niger Delta. 

OML 34, contains significant reserves of crude oil and natural gas that support both domestic supply and export operations. ND Western also owns 50 percent of Renaissance Africa Energy Holding Co. Ltd., which controls Renaissance Africa Energy Co. Ltd., operator of the Renaissance Joint Venture. 

Completion of the transaction is still subject to regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission, the Federal Competition and Consumer Protection Commission, and Ministerial Consent, the company said.

Expanding gas and infrastructure assets 

Founded in 1992 as Niger Delta Exploration & Production Plc, Aradel has evolved into one of Nigeria’s most diversified independent energy groups. Under Chief Executive Officer Adegbite Falade, the company has broadened its operations across the upstream, midstream, and downstream value chains. 

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

Financial growth and market standing

The company listed on the Nigerian Exchange in October 2024, Aradel reported first-half 2025 revenue of N368.08 billion ($240.5 million), up 37 percent from N268.31 billion ($175.4 million) a year earlier. The increase was driven by higher crude production, improved evacuation logistics, and recent acquisitions. 

Aradel signed a gas supply deal with Nigeria LNG Ltd. to boost local market availability in August. Earlier in the year, it completed the $19.5 million purchase of the Olo marginal fields and invested $20 million to increase its stake in Chappal Energies, strengthening its footprint in Nigeria’s offshore and gas markets.