Aradel Holdings Plc has completed the acquisition of an additional 40% equity stake in ND Western Limited (NDW), increasing its total ownership to 81.67% and effectively making NDW a full subsidiary of Aradel Energy Limited.
This is according to a corporate disclosure filed with the Nigerian Exchange (NGX) on December 31, 2025, announcing the close of the consolidation deal.
The acquisition also boosts Aradel’s indirect stake in Renaissance Africa Energy Company Limited—from 33.3% to 53.3%—giving it majority control in the joint venture that operates the high-producing OML 34 asset.
What they are saying
In the statement filed with the NGX, Aradel said the transaction aligns with its long-term strategy of portfolio consolidation and sustainable value creation.
- “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,”
— Adegbitte Falade, CEO, Aradel Holdings Plc
The company’s CFO, Adegbola Adesina, confirmed that the deal had received all necessary regulatory approvals, including those 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, a prolific oil and gas asset located in the Western Niger Delta. NDW also owns 50% of Renaissance Africa Energy Company Limited, the joint venture operator of OML 34.
With Aradel now controlling 81.67% of NDW, it gains expanded operational influence across the Renaissance JV structure and the OML 34 value chain.
This majority stake provides Aradel with strategic benefits such as enhanced operational leverage, improved governance control, and deeper access to one of Nigeria’s most productive energy assets.
The acquisition was finalized after meeting all regulatory and contractual obligations, as initially announced on October 24, 2025.
The company views this move as part of a disciplined effort to build resilience, scale, and value in a consolidating industry landscape.
What this means
This acquisition significantly bolsters Aradel’s position in Nigeria’s upstream sector, particularly at a time when indigenous energy firms are striving to expand their asset base and drive capital efficiency.
- It signals a consolidation trend among domestic operators, driven by the need to enhance competitiveness, reduce overhead, and optimize resource allocation.
- With controlling interest in NDW and Renaissance, Aradel now has greater flexibility to make long-term strategic decisions across exploration, production, and joint venture development.
- This also sets the stage for future capital-raising opportunities and partnerships that could further strengthen its upstream footprint.
What you should know
- The stock closed at N670.00 per share on December 31, 2025—down 1.5% from its previous price of N679.90—despite the acquisition news, suggesting the market may still be digesting the implications of the deal.
- Aradel began 2025 trading at N598.00 and has gained 12% year-to-date, ranking 105th on the NGX in terms of annual performance.
- On October 28, the stock hit a 2025 high of N869.00 per share before moderating to its current level.
- In Q4 2025, Aradel ranked as the 41st most traded stock on the NGX, with 196 million shares traded across 44,117 deals worth N134 billion. It recorded a volume high of 30.4 million shares on November 17 and a low of 211,676 on November 28.