Aradel Holdings Plc has completed the acquisition of majority stake in ND Western Limited, cementing its position as one of the country’s leading indigenous energy companies.
In a statement issued on Wednesday, Aradel confirmed that its wholly-owned subsidiary, Aradel Energy Limited, had acquired an additional 40% equity interest in ND Western from Petrolin Trading Ltd.
The deal raises Aradel’s shareholding in ND Western from 41.67% to 81.67%, making ND Western a subsidiary of Aradel Energy.
ND Western holds a 45% participating interest in Oil Mining Lease (OML) 34, a producing asset in the Western Niger Delta, and owns 50% of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company (RAEC).
With the acquisition, Aradel’s indirect ownership in RAEC rises from 33.3% to 53.3%, giving it significant influence in the consortium that earlier this year completed the $1.3 billion purchase of Shell Petroleum Development Company of Nigeria’s (SPDC) onshore assets.
The Renaissance consortium — comprising Aradel Energy, First E&P, ND Western, Waltersmith and Petrolin — now controls Shell’s former operations in the Niger Delta, marking one of the most significant restructurings in Nigeria’s upstream oil and gas sector.
Long-term growth strategy
Aradel’s chief executive, Adegbite Falade, said the acquisition marked “a further step in the execution of our growth and consolidation strategy,” adding that it would enhance the company’s ability to deliver long-term value through scale, operational efficiency and portfolio optimisation.
The transaction, first reported by Energy in Africa in late October, was completed after receiving approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Competition and Consumer Protection Commission (FCCPC), in line with regulatory and governance requirements.
The deal is consistent with Aradel’s broader strategy of portfolio consolidation and expansion.
“The completion of this acquisition represents a further step in the execution of our growth and consolidation strategy,” Falade said.
“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.”
Recent sector moves by Aradel
In recent years, the company has boosted hydrocarbon production through a series of acquisitions, including a 5.14% equity stake in Chappal Energies in December 2024.
In August, Aradel also signed a gas supply agreement to deliver additional feedstock volumes to Nigeria LNG, doubling its commitment as the country’s first non-joint venture gas supplier to the project.
The company has eliminated routine gas flaring at its flagship Ogbele facility since 2012, a move mirrored by Seplat Energy, which plans to end flaring across its onshore operations before 2026.
Industry analysts say the latest acquisitions highlight the growing operational capacity of indigenous players in Nigeria’s upstream sector, positioning them to play a larger role in shaping the country’s energy future.
