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Aradel Holdings Plc has announced that its wholly owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire a 40 per cent equity interest in ND Western Limited from Petrolin Trading Limited.
The transaction, once completed, will significantly raise Aradel’s total ownership in ND Western to more than 80 per cent, strengthening the company’s strategic position in Nigeria’s upstream oil and gas sector.
In a statement released on Friday, the company said, “Aradel Holdings Plc (‘Aradel’ or ‘the Company’) is pleased to announce that its wholly owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire a 40 per cent equity interest in ND Western Limited (‘NDW’) from Petrolin Trading Ltd (‘Petrolin’). Aradel Energy Limited currently owns 41.67 per cent of NDW. Upon completion of this transaction, Aradel’s total shareholding in NDW will significantly increase, reinforcing its strategic position within Nigeria’s upstream oil and gas sector.
ND Western Limited currently holds a 45 per cent participating interest in Oil Mining Lease (OML) 34, located in the Western Niger Delta. The asset is one of Nigeria’s key producing oil blocks, containing significant crude oil and associated gas reserves that contribute to the country’s domestic energy supply and exports.
Industry analysts view the deal as a major consolidation move that would allow Aradel to expand its footprint across Nigeria’s upstream oil and gas value chain. The acquisition aligns with Aradel’s long-term growth strategy focused on increasing production, improving efficiency, and deepening its participation in Nigeria’s energy transition efforts.
The company also revealed that ND Western owns a 50 per cent stake in Renaissance Africa Energy Holding Company Limited, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture.
The Renaissance partnership plays an essential role in the management and operation of key upstream oil and gas assets across Nigeria, including OML 34. This collaboration provides access to advanced technology, capital investment, and technical expertise in the upstream energy business.
According to the statement, “NDW holds a 45 per cent participating interest in OML 34, a producing Oil Mining Lease located in the Western Niger Delta. OML 34 contains material crude oil and associated gas reserves contributing to Nigeria’s domestic energy supply and exports. In addition, NDW owns 50 per cent of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture.
The completion of the acquisition is subject to regulatory approvals from several government agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC), and ministerial consent.
Speaking on the development, Aradel’s Chief Financial Officer, Adegbola Adesina, confirmed that the company is working closely with the regulators to finalise the process.
“Completion of the transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission, the Federal Competition and Consumer Protection Commission, and Ministerial Consent,” Adesina said.
He added that the acquisition underscores Aradel’s confidence in Nigeria’s upstream oil and gas potential and reaffirms the company’s commitment to responsible and value-driven investment in the country’s energy sector.
With the acquisition, Aradel is expected to strengthen its role in Nigeria’s oil and gas value chain, contributing to the government’s push for increased local participation and production. The consolidation of its stake in ND Western could also help improve supply stability, enhance gas utilisation, and expand domestic energy access.
Market observers believe that such transactions reflect growing investor confidence in the Nigerian oil and gas industry, following recent reforms and improved regulatory clarity introduced by the Petroleum Industry Act (PIA).
As Nigeria continues to attract investment into its upstream segment, Aradel’s move could set a precedent for other indigenous oil companies seeking to expand through strategic acquisitions and partnerships.
The deal, once approved, is expected to further diversify Aradel’s energy portfolio and position it as a key indigenous operator contributing to Nigeria’s production growth and energy transition efforts.
