Aradel Holdings Plc has announced a major strategic move to strengthen its footprint in Nigeria’s oil and gas industry, following an agreement by its subsidiary, Aradel Energy Limited, to acquire an additional 40% equity stake in ND Western Limited (NDW) from Petrolin Trading Ltd.
The company disclosed the development in a statement from its Chief Financial Officer, Adegbola Adesina, on Friday.
Adesina described the acquisition as a key milestone in Aradel’s long-term growth strategy.
“Aradel Holdings Plc (‘Aradel’ or the ‘Company’) is pleased to announce that its wholly owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire a 40% equity interest in ND Western Limited (‘NDW’) from Petrolin Trading Ltd. (‘Petrolin’),” Adesina said.
Before this agreement, Aradel Energy Limited held a 41.67% stake in ND Western. Upon completion, the company’s total shareholding will rise substantially, giving Aradel a commanding position in one of Nigeria’s most active upstream ventures.
Adesina emphasised that the deal aligns with the company’s vision to consolidate its role as a leading indigenous energy player, stating that the increased shareholding would “reinforce its strategic position within Nigeria’s upstream oil and gas sector.”
ND Western currently holds a 45% participating interest in Oil Mining Lease (OML) 34, one of the country’s key oil-producing assets located in the Western Niger Delta. OML 34 is a major contributor to both Nigeria’s domestic energy supply and its export portfolio, boasting substantial crude oil and associated gas reserves.
In addition, ND Western owns 50% of Renaissance Africa Energy Holding Company Ltd., the parent entity of Renaissance Africa Energy Company Limited — the operator of the Renaissance Joint Venture, another major player in Nigeria’s hydrocarbon production landscape.
However, completion of the acquisition is still contingent on obtaining the required regulatory clearances.
“Completion of the Transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC) and Ministerial Consent,” Adesina explained.
News.ng reports that the acquisition, once finalised, is expected to enhance Aradel’s revenue base, strengthen its operational capacity, and further position it as a significant indigenous operator driving Nigeria’s energy sector forward.
