Aradel Holdings Plc has completed the acquisition of an additional 40 percent equity interest in ND Western Limited from Petrolin Trading Ltd, boosting its total shareholding to 81.67 percent and transforming NDW into a subsidiary, the Nigerian energy company said Wednesday.
The transaction, which received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission and the Federal Competition and Consumer Protection Commission, increases Aradel’s wholly-owned unit Aradel Energy Limited’s stake in NDW from 41.67percent.
The deal also raises Aradel’s indirect ownership in Renaissance Africa Energy Company Limited to 53.3 percent from 33.3 percent , giving it majority control.
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NDW holds a 45 percent participating interest in Oil Mining Lease 34 in the Western Niger Delta and owns half of Renaissance Africa Energy Holding Company Ltd, Renaissance Africa Energy’s parent company.
“This acquisition is consistent with Aradel’s long-term strategy of disciplined portfolio consolidation, asset base expansion, and sustainable value creation,” the company said in a statement. The move strengthens Aradel’s position in Nigeria’s upstream oil and gas sector while supporting improved operational efficiency across its asset portfolio.
Adegbite Falade, chief executive officer of Aradel Holdings, called the transaction “another milestone” in the company’s growth 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 optimisation,” he said.
The deal follows a wave of consolidation in Nigeria’s oil sector as indigenous producers expand their footprint amid the federal government’s push to increase local participation in the energy industry.