Aradel Holdings Plc, a leading independent oil and gas company in Nigeria, has signed a definitive agreement with ND Western Limited to increase its equity stake in the company by 40%.
The announcement was made in a press release issued on Friday, stating that Aradel’s wholly owned subsidiary, Aradel Energy Limited, will acquire the additional shares from Petrolin Trading Ltd, which currently holds a 45% participating interest in ND Western.
Aradel Energy Limited already owns 41.67% of ND Western, a company that itself holds a 45% stake in Oil Mining Lease (OML) 34).
OML 34 is a producing asset located in the Western Niger Delta, which hosts significant reserves of crude oil and associated gas in the Niger Delta.
What this acquisition means for Aradel
“Upon completion of this transaction, Aradel’s total shareholding in ND Western will significantly increase, reinforcing its strategic position within Nigeria’s upstream oil and gas sector”, the statement reads.
With this new acquisition, Aradel will now own an 81.67% controlling stake in ND Western.
ND Western owns a 50% share capital in Renaissance Africa Energy Holding Company Limited, which owns Renaissance Africa Energy Company (RAEC) Limited.
Aradel currently holds 12.5% stake in RAEC.
Equity structure of Renaissance consortium
Renaissance Africa Energy Limited is a newly formed energy consortium that emerged from a landmark acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
In March 2025, Renaissance completed the $1.3 billion purchase of SPDC’s entire equity holding, gaining control of Shell’s onshore oil and gas assets in Nigeria’s Niger Delta region
The consortium comprises:
- Aradel Energy
- First E&P
- ND Western
- Waltersmith
- Petrolin (international partner).
Through this additional equity, Aradel is going to control the consortium through the combination of its direct 12.5% stake and indirect 50% of ND Western.
However, the completion of the transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Other government agencies like the Federal Competition and Consumer Protection Commission (FCCPC) and the Ministry of Petroleum Resources are also expected to endorse the deal.
Last year, Aradel acquired significant stakes that have boosted its hydrocarbon production and revenues in several marginal assets across Nigeria.
Its last acquisition before this one was a 5.14% equity stake in Chappal Energies in December 2024.
