Aradel Holdings Plc has announced a binding agreement to acquire an additional 40% equity stake in ND Western Limited from Petrolin Trading Ltd.
A corporate disclosure filed with the NGX on Friday revealed that the agreement was routed through its fully owned subsidiary, Aradel Energy Limited, positioning the indigenous energy group for greater dominance in crude oil and gas operations across the Western Niger Delta.
Aradel Energy Limited, which already commands a 41.67% stake in ND Western, will see its total equity rise significantly on completion of the transaction. This expansion promises to elevate Aradel’s operational leverage in one of the most strategic upstream portfolios in the country.
ND Western holds a 45% participating interest in Oil Mining Lease 34 (OML 34), a high-value producing asset known for substantial crude oil volumes and sizeable associated gas reserves.
The block plays a crucial dual role, both bolstering national energy exports and serving the domestic gas supply chain that fuels power infrastructure and industrial operations.
The move showcases Aradel’s long-term commitment to energy security, value creation for shareholders, and increased Nigerian ownership in the petroleum sector.
Renaissance JV stake offers additional growth pathways
Beyond the OML 34 interest, ND Western owns 50% of Renaissance Africa Energy Holding Company Limited, the parent of Renaissance Africa Energy Company Limited, operator of the Renaissance Joint Venture. This JV continues to grow its operational footprint and could become a key engine of mid-to-long-term value for Aradel.
Market watchers argue that consolidating ND Western equity locks in a stronger position for Aradel within the broader Renaissance network, particularly as gas monetisation and infrastructure-driven opportunities attract fresh investment interest. The acquisition could accelerate Aradel’s play in Nigeria’s evolving gas-focused economy, where policy increasingly favors transition-linked fuels with cleaner emissions profiles.
The company, known for a disciplined capital allocation strategy, appears poised to exploit synergies while strengthening indigenous technical capacity in upstream operations.
Regulatory approvals remain
The consummation of the transaction remains subject to regulatory consents, including those of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC) and ministerial approval under the laws governing upstream transactions.
Aradel Holdings reaffirmed its confidence in the approval process, noting that all procedural requirements are underway to ensure compliance with statutory frameworks protecting competitive balance and national petroleum interests.
Chief Financial Officer Adegbola Adesina, who is responsible for the announcement’s release, stated that the acquisition aligns fully with Aradel’s corporate vision for sustained portfolio optimisation, value enhancement and national energy advancement.
The transaction signals a new upward trajectory for Aradel as it reinforces its foundation in Nigeria’s hydrocarbon future, sharpening its influence in oil and gas development at a time when local participation is increasingly vital.
What you should know
The Renaissance Africa Energy Consortium represents a strategic alliance of five leading energy companies—ND Western Limited, Aradel Holdings Plc, Waltersmith Petroman Oil Limited, FIRST Exploration and Petroleum Development Company Ltd (First E&P), and Petrolin—united to strengthen Nigeria’s energy industry through local ownership, innovation, and sustainable growth.
ND Western Limited
Incorporated in 2011 as a Special Purpose Vehicle, ND Western is owned by Aradel Holdings, Petrolin Trading, FIRST E&P, and Waltersmith E&P. It holds a 45% stake in OML 34, one of Nigeria’s key oil and gas assets in the Western Niger Delta. With reserves of about 3 trillion cubic feet (Tcf) of gas, ND Western supplies gas for power generation and promotes technical capacity through its Training Programme in Warri and Utorogu Industrial Park.
Aradel Holdings Plc and Waltersmith Petroman Oil
Aradel Holdings, listed on the NGX in 2024, is an integrated energy company producing 18,000 barrels per day and operating a 100 million scf/d gas plant. Its 11,000bbl/d modular refinery produces multiple petroleum products, showcasing its leadership in refining and renewable initiatives.
Waltersmith Petroman Oil, fully Nigerian-owned since 2001, operates the Ibigwe field (OML 16) and runs a modular refinery producing diesel, kerosene, and naphtha. Its expansion licence in 2023 increased output by 5,000bbl/d. The firm is recognised for strong community engagement and Nigerian content development.
FIRST E&P and Petrolin
First E&P, founded in 2011, operates OML 83 and 85, producing 57,000 BOPD, and has surpassed 50 million barrels exported. Its CEO chairs OPEC’s Board of Governors for 2025.
Petrolin, an international petroleum group, produces 17,000 BOE/d and invests across hydrocarbons, mining, and infrastructure. Its Foundation Espace Afrique drives socio-economic development in Africa.
Collective Impact and Future Outlook
Together, the consortium strengthens Nigeria’s local energy capacity, promoting energy security, economic diversification, and export growth. The divestment of Shell’s assets to the consortium underscores a major shift toward indigenous participation and sustainable sectoral development.
Key Takeaways:
- Five-member consortium: ND Western, Aradel, Waltersmith, First E&P, Petrolin.
- ND Western holds 45% of OML 34 with ~3 Tcf gas reserves.
- Aradel operates 11,000 bbl/d refinery; listed on NGX (2024).
- Waltersmith runs modular refinery, Ibigwe field (OML 16).
- First E&P produces 57,000 BOPD from OML 83 & 85.
- Petrolin outputs 17,000 BOE/d across Africa & Middle East.
- Consortium drives indigenous control, energy security, and sustainable growth in Nigeria.