Aradel Holdings Plc has completed the acquisition of an additional 40% equity stake in ND Western (NDW) Limited through its wholly owned subsidiary, Aradel Energy Limited, following the fulfilment of all regulatory and contractual conditions.
The stake was acquired from Petrolin Trading Ltd, increasing Aradel Energy’s ownership in ND Western from 41.67% to 81.67% and making NDW a subsidiary of the company.
The transaction also results in a significant increase in Aradel’s indirect ownership in Renaissance Africa Energy Company Limited, rising from 33.3% to 53.3%. ND Western holds a 45 percent participating interest in Oil Mining Lease (OML) 34 in the Western Niger Delta and owns 50% of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company.
Aradel said the acquisition aligns with its long-term strategy of portfolio consolidation, asset expansion, and sustainable value creation, while strengthening its operational scale and efficiency within Nigeria’s upstream oil and gas sector.
Chief Executive Officer Adegbite Falade described the deal as a milestone that reinforces Aradel’s position as a leading indigenous integrated energy company and enhances shareholder value through scale and portfolio optimisation.
The company confirmed that the transaction received all required regulatory approvals, including clearance from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Competition and Consumer Protection Commission (FCCPC).
