Aradel Holdings Plc has completed the acquisition of an additional 40% equity interest in ND Western Limited (NDW), lifting its total shareholding in the upstream company from 41.67% to 81.67%.
According to the company’s corporate disclosure filed with the Nigerian Exchange (NGX) on Wednesday, December 31, the consolidation transactions was finalised on 31 December 2025, and positions NDW as a full subsidiary of Aradel Energy Limited.
The acquisition also increases Aradel’s indirect ownership in Renaissance Africa Energy Company Limited (Renaissance) from 33.3% to 53.3%, granting the company majority control in the joint venture operator of the prolific OML 34 asset.
The transaction, initially announced on 24 October 2025, followed the fulfilment of all regulatory and contractual conditions, including approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Competition & Consumer Protection Commission (FCCPC).
ND Western holds a 45% participating interest in Oil Mining Lease (OML) 34 in the Western Niger Delta. The asset, one of Nigeria’s major oil and gas-producing hubs, also anchors the operations of Renaissance Africa Energy Company Limited, the joint venture operator in which NDW owns 50% share capital.
By raising its stake in NDW to 81.67%, Aradel significantly expands its upstream influence, giving it stronger operational leverage within the Renaissance JV and across the OML 34 value chain.
The company’s release, signed by the company’s Chief Financial Officer, Adegbola Adesina, confirmed that the transaction received all necessary regulatory clearances, including from NUPRC and FCCPC, and complies with all governance and disclosure requirements.
Aradel described the acquisition as aligned with its long-term strategy of disciplined portfolio consolidation, asset expansion, and sustainable value creation. The company said the increased ownership supports improved scale, efficiency, and resilience across its asset portfolio.
Commenting on the transaction, Aradel’s Chief Executive Officer, Adegbitte Falade, said the acquisition is “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 optimisation,” Falade stated.
With this move, Aradel strengthens its status as one of Nigeria’s most significant indigenous players in the upstream oil and gas sector, amid a wider industry shift toward consolidation and improved capital efficiency.
The stock closed on Wednesday, December 31, 2025, at N670.00 per share on the Nigerian Exchange (NGX), recording a 1.5% drop from its previous closing price of N679.90. This suggests that the market is yet to respond to positive news about the deal.
Aradel began the year with a share price of N598.00 and has since gained 12% on that price valuation, ranking it 105th on the NGX in terms of year-to-date performance.
On Monday, October 28, the stock hit its year high of N869.00 per share before moderating to the current price.
Aradel Holdings is the 41st most traded stock on the Nigerian Stock Exchange over the past three months between Oct 2 and Dec 31, 2025. It has traded a total volume of 196 million shares in 44,117 deals valued at N134 billion over the period, with an average of 3.11 million traded shares per session.
A volume high of 30.4 million was achieved on November 17th, and a low of 211,676 on November 28th, for the same period.
A volume high of 30.4 million was achieved on November 17th, and a low of 211,676 on November 28th, for the same period.