Aradel Holdings Plc has completed the acquisition of an additional 40 per cent equity interest in ND Western Limited (NDW), raising its control of the indigenous upstream company and deepening its production in the Western Niger Delta.
The transaction, executed through its wholly-owned subsidiary, Aradel Energy, increased Aradel’s shareholding in ND Western from 41.67 per cent to 81.67 per cent, effectively making ND Western a subsidiary of Aradel Energy.
The deal was first announced in October and has now been concluded following the fulfilment of all regulatory and contractual conditions.
Beyond ND Western, the acquisition also triggers a material increase in Aradel’s exposure to Renaissance Africa Energy Company Limited, with the company’s total indirect ownership rising from 33.3 per cent to 53.3 per cent.
ND Western holds a 45 per cent participating interest in the Oil Mining Lease 34 (OML 34), a producing asset located in the Western Niger Delta, and owns 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.
With the completion of the deal, Aradel further consolidates its upstream asset base at a time when indigenous operators are increasing dominance across Nigeria’s oil and gas sector following the exit of several international oil companies.
“NDW holds a 45 per cent participating interest in the OML 34, a producing asset located in the Western Niger Delta and owns 50 per cent of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture,” the company stated.
The company said the acquisition aligns with its long-term strategy of portfolio consolidation, scale expansion and sustainable value creation, while improving operational efficiency and resilience across its assets.
Commenting on the transaction, Chief Executive Officer of Aradel Holdings, Adegbite Falade, said the completion of the acquisition represents a further step in the execution of the company’s growth and consolidation strategy.
“Increasing our equity interest in ND Western reinforces Aradel’s position as a leading indigenous integrated energy company and enhances our ability to drive long-term value for shareholders through scale, operational efficiency, and portfolio optimization,” he said.
Aradel revealed that the transaction received all required regulatory clearances, including approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Competition and Consumer Protection Commission (FCCPC) and complies with applicable governance and disclosure requirements.
The company emphasised that it continues to position itself as a major indigenous energy player, leveraging acquisitions and asset consolidation to expand production capacity, deepen participation in strategic oil blocks and strengthen its role in Nigeria’s evolving upstream landscape.
