Fola Adeola sells N10.9bn in Aradel shares

The co-founder of Guaranty Trust Bank, Fola Adeola, has sold 18,250,000 units of shares in Aradel Holdings valued at N10.9bn.

In a notice filed on the Nigeria Exchange Limited recently, the transaction, which took place on December 31, 2024, was executed at a price of N598.50 per share.

Aradel is an integrated energy company with operations spanning upstream, midstream, downstream, power, and renewables.

Adeola, a shareholder in Aradel Holdings, holds over five per cent of the company. The sale was conducted on the Nigerian Exchange Limited and marks a divestment from the company, reflecting a key financial move by the businessman.

The PUNCH reported that President Bola Tinubu congratulated his long-time friend and foremost business leader, Fola Adeola, as he marks his 70th birthday. He described the founder of Guaranty Trust Bank as “a great asset to the nation,” extolling his patriotism in “promoting initiatives for the economic advancement of Nigeria.”

Also, Aradel Holdings Plc has entered into an agreement to acquire a 5.14 per cent equity interest in Chappal Energies Mauritius Limited, an energy company focusing on investments in deep value and brownfield upstream opportunities within Africa.

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