Aradel Holdings Plc has completed the acquisition of an additional 40 per cent equity stake in ND Western Limited, increasing its shareholding from 41.67 per cent to 81.67 per cent and effectively making the indigenous upstream company a subsidiary of its wholly-owned arm, Aradel Energy.
The transaction, first announced in October, follows the fulfilment of all regulatory and contractual requirements and expands Aradel’s exposure to Renaissance Africa Energy Company Limited, raising its indirect ownership from 33.3 per cent to 53.3 per cent. ND Western holds a 45 per cent participating interest in the producing Oil Mining Lease 34 in the Western Niger Delta and 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.
The acquisition strengthens Aradel’s upstream asset base at a time when indigenous operators are expanding their presence in Nigeria’s oil and gas sector following the exit of several international companies. The company said the move aligns with its long-term strategy of portfolio consolidation, scale expansion and sustainable value creation while improving operational efficiency and resilience across its assets.
Aradel Holdings CEO Adegbite Falade described the acquisition as a key milestone in the company’s growth and consolidation plan. He stated that increasing equity in ND Western reinforces Aradel’s position as a leading indigenous integrated energy company and enhances its capacity to generate long-term shareholder value through operational efficiency and portfolio optimisation.
The deal secured all necessary regulatory approvals, including clearance from the Nigerian Upstream Petroleum Regulatory Commission and the Federal Competition and Consumer Protection Commission, and adheres to governance and disclosure requirements.
Aradel continues to position itself as a major indigenous energy player, using acquisitions and asset consolidation to expand production capacity, deepen participation in strategic oil blocks, and strengthen its role in Nigeria’s evolving upstream sector.
