Aradel Holdings Plc, one of Nigeria’s leading indigenous integrated energy companies, has confirmed the full divestment of a 15.92% equity stake previously held by Capital Alliance Private Equity IV Limited, a fund managed by African Capital Alliance (ACA).
The transaction represents a major shareholder realignment following Aradel’s landmark listing on the Nigerian Exchange (NGX) in October 2024. That debut attracted strong institutional and retail investor interest, underlining market confidence in the company’s strategy, governance, and diversified energy portfolio.
Petrolin Ocean Steps Up
A significant portion of ACA’s shares was acquired by Petrolin Ocean Limited, which increased its holding from 8.11% to 12.11%, making it the single largest shareholder in Aradel Holdings. The transfer was executed as an off-market negotiated “cross-deal” facilitated by CardinalStone Securities Limited, which acted as both buyer and seller to coordinate the transaction without disrupting open-market prices.
According to market filings, the shares were exchanged in six tranches at ₦560 per unit, further cementing investor confidence in the company’s valuation.
Gbite Falade’s Statement
“Aradel’s progress has been defined by disciplined operations and constructive partnerships,” said Adegbite Falade, Chief Executive Officer of Aradel Holdings Plc. “We appreciate ACA’s contributions throughout our journey and welcome its continued support in this next chapter. Our focus remains unchanged: to strengthen operations, uphold sound governance practices, and deliver sustainable value to shareholders, host communities, and the Nigerian economy.”
A Track Record of Growth and Stability
Aradel is Nigeria’s first fully integrated indigenous energy company with operations spanning upstream, midstream, and downstream assets. Its portfolio includes PML 14, PPL 247, OPL 227, the Olo and Olo West marginal fields, a 100mmscf/d gas processing facility, and a three-train 11,000bpd modular refinery.
In 2024, the company averaged 13,751 barrels of oil and condensate per day and 32.4 mmscf/d of gas production, alongside 264.9 million litres of refined products. With over two decades of uninterrupted operations, consistent dividend payouts, and a clear growth agenda, Aradel has established itself as a pace-setter in Nigeria’s evolving energy landscape.
Analysts note that ACA’s exit and Petrolin Ocean’s enlarged stake underscore Aradel’s maturity as a listed entity and Nigeria’s broader ability to attract long-term capital into its energy sector.
ACA’s Footprint in Nigeria’s Oil and Gas Sector
African Capital Alliance (ACA) has long played a role in shaping Nigeria’s indigenous oil and gas industry. Its most notable engagements include:
First Hydrocarbon Nigeria (FHN)
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Entry (2010): ACA acquired an interest in FHN following the purchase of OML 26 from Shell’s SPDC joint venture — one of the earliest landmark transactions showcasing Nigeria’s local-content policy.
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Exit announcement (2013): ACA later published a note indicating it had exited FHN.
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Subsequent developments (2016): An Africa Oil+Gas Report investigation showed that Vertex, described as an upstream independent “funded by ACA”, took a 40% stake in FHN under a new equity structure. At the same time, ACA’s direct equity in FHN was reported to have risen from 11.9% to 19.9%, with Vertex and FHN management becoming new equity holders. This reshaped the company’s ownership, whose key asset remained its 45% stake in OML 26.
Together with its now-concluded investment in Aradel Holdings Plc, ACA’s oil and gas portfolio demonstrates its strategy of backing indigenous operators to drive Nigeria’s energy independence — and its willingness to exit once companies reach a stage of maturity and market credibility.
