Mr. Adegbite Falade, Chief Executive Officer, said: “Aradel delivered a strong and resilient performance in 2025, reflecting the quality of our asset base, disciplined execution, and the inherent resilience of our diversified energy portfolio. Despite operating in a dynamic environment, we achieved meaningful growth across our upstream, gas, and refining businesses.
During the year, we advanced our acquisition-led growth strategy with the completion of two landmark transactions: the acquisition of a 33.3% effective equity interest (comprising 12.5% directly by Aradel Energy; and 20.8% indirectly through ND Western Limited) in Renaissance Africa Energy Company Limited, operator of the Renaissance Joint Venture (formerly known as the SPDC Joint Venture), and the purchase of an additional 40% equity interest in ND Western Limited.
The acquisition of the additional interest in ND Western Limited represents a significant milestone for the Group. It is fully aligned with Aradel’s long-term strategy of disciplined portfolio consolidation, asset base expansion, and sustainable value creation, and it further strengthens our strategic position within Nigeria’s upstream oil and gas sector.
The completion of the NDW transaction increases Aradel’s effective interest in ND Western Limited to 81.67% and the Renaissance Africa Energy Company Limited to 53.33%.
Looking ahead, our focus in 2026 is on consolidating our expanded portfolio to enhance operational scale, improve efficiency across our assets, increase production and further diversify our revenue base in support of long-term shareholder value.”
However, a note to the news release inducates that post the acquisition of additional 40% ND Western shares, the identifiable assets acquired and liabilities assumed have been recognised on a provisional basis, pending completion of independent valuations.
The Company expects to finalize the valuation to determine the final values within the measurement period, which will not exceed 12 months from the acquisition date as permitted by IFRS 3. Based on these estimates, the acquisition resulted in a provisional bargain purchase gain of 201bn($133m), reflecting the difference between the consideration paid and the fair value of net identifiable assets.
Any adjustments arising from the completion of valuation work will be applied retrospectively and may affect the amount of the gain recognized.
Due to the completion date of 31 December 2025, it was deemed immaterial to consolidate the income statement. However, the statement of financial position has been consolidated resulting in the elimination of the investment in associate balance.
The share of profit from both ND Western Limited and Renaissance Africa Energy Holding Limited is reported in the income statement.
Aradel Holdings Plc is Nigeria’s foremost integrated independent energy company, delivering critical energy solutions in a sustainable and responsible way. Aradel Holdings was incorporated on 25 March 1992 (as the Midas Drilling Fund), changed its name to Niger Delta Exploration and Production Plc in November 1996, assumed its current name in May 2023, and was listed on the main board of the NGX on 14 October 2024.
The Company operates through its subsidiaries and an affiliate company:
▪ Aradel Energy Limited (100%), a wholly owned subsidiary of Aradel Holdings, as well as the Operator of the Ogbele (PML 14), Omerelu (PPL 247), Olo and Olo West Marginal Fields, as well as OPL 227 joint venture (subject to NUPRC approval). Established to explore and harness opportunities in the energy industry.
▪ Aradel Gas Limited (100%), the only Nigerian independent Non-JV Gas Supplier to Bonny LNG. Established to leverage investment opportunities in the gas sector. Has 100mmscf/d gas processing facility.
▪ Aradel Investments Limited (100%), a wholly owned subsidiary established to hold and manage the Group’s non-oil & gas assets. Established to hold the Company’s non-oil and gas investments.
▪ Aradel Refineries Limited (95%), a 3-train 11kbbl/d independent operating midstream refinery. Produces AGO, DPK, MDO, HFO and Naphtha.
▪ ND Western Limited (81.67%), an independent Nigerian oil and gas exploration and production company comprising four leading industry players with four limited liability companies (being Aradel Energy, First Exploration & Petroleum Development Company, and Waltersmith Petroman Oil) as shareholders.
▪ Renaissance Africa Energy Holdings, a 53.2% total equity holding made up of
– A direct holding of 12.5% and
– Through ND Western,
