Aradel Holdings Plc has completed the acquisition of an additional 40 per cent equity interest in ND Western Limited, strengthening its position in Nigeria’s upstream oil and gas sector.
The transaction, executed through Aradel’s wholly owned subsidiary, Aradel Energy Limited, followed the fulfilment of all regulatory and contractual conditions. It was first announced on October 24, 2025, and involved the purchase of the stake from Petrolin Trading Limited.
With the completion of the deal, Aradel Energy Limited’s shareholding in ND Western has increased from 41.67 per cent to 81.67 per cent, making ND Western a subsidiary of Aradel Energy Limited. The acquisition also raises Aradel’s aggregate indirect shareholding in Renaissance Africa Energy Company Limited from 33.3 per cent to 53.3 per cent. Renaissance is a consortium made up of four local companies and one foreign firm, including Aradel, ND Western, and Petrolin among others.
ND Western holds a 45 per cent participating interest in Oil Mining Lease (OML) 34, a producing asset located in the western Niger Delta. The company also owns 50 per cent of the share capital of Renaissance Africa Energy Holding Company Limited, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture.
Aradel said the acquisition aligns with its long-term strategy focused on disciplined portfolio consolidation, asset base expansion and sustainable value creation. The company noted that the transaction is expected to enhance its operational scale, efficiency and resilience across its asset portfolio.
Commenting on the development, Aradel Holdings Plc’s Chief Executive Officer, Mr Adegbite Falade, said the completion of the acquisition represents another step in the company’s 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.”
The company confirmed that the transaction received all required regulatory approvals, including those from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Competition and Consumer Protection Commission (FCCPC), and complies with applicable governance and disclosure requirements.