Aradel Holdings Boosts Stake in ND Western To 81.67%

Aradel Holdings Plc has completed the acquisition of an additional 40% equity interest in ND Western Limited (NDW), raising its total shareholding in the upstream oil company from 41.67% to 81.67%.
The transaction, announced in a corporate disclosure to the Nigerian Exchange (NGX) on Wednesday, finalises ND Western as a full subsidiary of Aradel Energy Limited.
The move also increases Aradel’s indirect ownership in Renaissance Africa Energy Company Limited (Renaissance) from 33.3% to 53.3%, giving it majority control in the joint venture operator of the OML 34 asset.
The acquisition follows the fulfilment of all regulatory and contractual conditions, including approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Competition & Consumer Protection Commission (FCCPC).
ND Western holds a 45% participating interest in Oil Mining Lease (OML) 34 in the Western Niger Delta, one of Nigeria’s most prolific oil and gas-producing hubs. The asset also anchors Renaissance’s operations, where NDW owns a 50% share of the joint venture capital.
Aradel said the increased stake strengthens its operational leverage within the Renaissance joint venture and across the OML 34 value chain. The company described the acquisition as part of its broader strategy of portfolio consolidation, asset expansion, and sustainable value creation, aimed at enhancing scale, efficiency, and resilience.
Commenting on the deal, Aradel’s Chief Executive Officer, Adegbitte Falade, said the acquisition “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 optimisation.”
Falade added that the acquisition positions the company to capitalise on ongoing upstream reforms and investment opportunities in Nigeria’s oil and gas sector. “With majority control in ND Western and increased influence in Renaissance, Aradel can drive operational improvements, cost efficiencies, and optimise production at OML 34,” he said.
According to industry data, OML 34 has historically produced over 100,000 barrels of oil per day, contributing significantly to Nigeria’s crude output.
Analysts say the acquisition gives Aradel greater oversight over production, revenue allocation, and operational decision-making, which could improve efficiency and output.
The company’s Chief Financial Officer, Adegbola Adesina, confirmed that the transaction received all necessary regulatory clearances and complied with governance and disclosure requirements.
Market analysts said the acquisition marks a major consolidation move by Aradel, reflecting a broader industry trend of indigenous players increasing stakes in strategic upstream assets to strengthen control and secure long-term revenue streams.
On the Nigerian Exchange, Aradel’s stock closed at N670 per share on Wednesday, down 1.5% from the previous close of N679.90. The stock began the year at N598, gained 12% year-to-date, and hit a year high of N869 on October 28.
Aradel Holdings ranked 41st in trading activity over the past three months, with a total of 196 million shares exchanged in 44,117 deals valued at N134 billion. Average daily trading volume was 3.11 million shares, with a high of 30.4 million on November 17 and a low of 211,676 on November 28.
Analysts said the move places Aradel among the most significant indigenous upstream players in Nigeria, alongside companies such as Seplat Energy and Eroton Exploration & Production. By consolidating its stake in ND Western, Aradel is better positioned to negotiate joint venture terms, optimise OML 34 production, and explore expansion opportunities across the Niger Delta.
The company said the acquisition aligns with its long-term strategy to build a resilient, diversified, and scalable asset base while creating sustainable shareholder value. Analysts expect that operational synergies from the increased stake could translate into higher efficiency, reduced operational costs, and stronger profitability in the coming fiscal periods.