Table of Contents
Aradel Holdings Plc, the Nigerian energy group led by Adegbite Falade, has become the largest shareholder in Renaissance Africa Energy Consortium with a 53.3 percent stake. The change follows the completion of a $250 million purchase of an additional 40 percent interest in ND Western, increasing Aradel’s ownership to 81.67 percent from 41.67 percent.
The larger stake reshapes control at Renaissance, a consortium formed in March 2025 after Shell sold Shell Petroleum Development Company of Nigeria assets to five local firms: ND Western, Aradel Holdings, Waltersmith Petroleum Development Company, First E&P and Petrolin Trading Company. With the increase, Aradel gains effective control of assets previously operated by Shell in Nigeria’s onshore and shallow-water fields.
Debt-funded deal gives Aradel control
Before the transaction, Aradel held a combined 33.3 percent economic interest in Renaissance Africa Energy, made up of a direct 12.5 percent stake and a 20.8 percent indirect interest through ND Western. The latest deal pushed that figure above the 50 percent mark, giving Aradel control over Renaissance’s 30 percent holding in the joint venture that succeeded SPDC.
The move reflects a clear shift in Aradel’s role within the consortium. Rather than remaining a financial backer, the company is positioning itself at the center of operations by consolidating its grip on ND Western, which holds a 45 percent working interest in OML 34
Control of ND Western puts Aradel closer to day-to-day production decisions and long-term development planning. The transaction was debt-funded, a notable outcome at a time when financing for upstream oil projects remains tight. The ability to raise $250 million points to growing lender comfort with Nigerian-owned producers that have producing fields and predictable cash flows.
Gas drives Aradel’s integrated expansion
Founded in 1992 as Niger Delta Exploration & Production Plc, Aradel has grown under Chief Executive Adegbite Falade into a diversified energy group with interests across upstream, midstream and downstream segments. Gas development has been central to its strategy.
The company commissioned a 100 million standard cubic feet-per-day gas processing plant in 2012, supplies gas to the domestic market and has ended routine flaring at its Ogbele field. Aradel was also the first non-joint venture producer to supply gas to Nigeria LNG and signed a new gas supply agreement with the company in August.
Aradel grows revenue, deepens assets
Since listing on the Nigerian Exchange in October 2024, Aradel has become one of the market’s largest energy stocks. For the first nine months of 2025, revenue climbed 43 percent to N538.8 billion ($372.8 million), up from N377.6 billion ($261.3 million) a year earlier, supported by higher sales volumes across crude oil, gas and refined products.
The company has also widened its upstream exposure beyond Renaissance. In 2025, Aradel acquired a 6.01 percent stake in Chappal Energies, which holds a 20.21 percent interest in Chevron-operated Agbami field, one of Nigeria’s largest deepwater developments. Together, these moves place Aradel in a stronger position to shape production, spending and future growth across some of the country’s most important oil and gas assets.
