Nigerian businessman Fola Adeola gains $55 million on Aradel shares in third quarter

Nigerian tycoon Fola Adeola, a co-founder of Guaranty Trust Bank, saw the value of his stake in Aradel Holdings Plc rise by $54.7 million in the third quarter of 2026, as Nigerian oil stocks rallied on high crude prices.

Adeola owns 240,002,980 shares in Aradel, about 5.5% of the company. Aradel is a Nigerian oil and gas producer founded by Ladi Jadesimi. It traded as Niger Delta Exploration and Production before it changed its name, and it produces crude oil, gas and refined products from fields in the Niger Delta.

Aradel shares closed at 1,275.80 naira on July 1 and at 1,530 naira on Sept. 30, a gain of 19.9%. Billionaires.Africa calculations show the rise lifted the value of Adeola's stake from $221.9 million to $276.5 million.

The naira added to the dollar gain. The currency firmed from 1,380.17 naira per dollar on July 1 to 1,328.02 naira on Sept. 30.

Aradel's rise came as crude prices climbed above $100 a barrel in September, after disruption to shipping through the Strait of Hormuz reduced global supply. Investors piled into Nigerian oil producers, with Aradel and Seplat Energy leading the rally in energy stocks on the Nigerian Exchange.

Aradel fell about 10% from its September peak in the middle of the month before recovering to finish the quarter higher.

Adeola co-founded Guaranty Trust Bank in 1990 with Tayo Aderinokun and served as its first managing director. The bank grew into one of Nigeria's largest lenders and is now part of Guaranty Trust Holding Co.

Other large Aradel shareholders also gained during the quarter. Jadesimi's 230,034,760 Aradel shares rose in value by about $52.4 million, and Gabonese billionaire Samuel Dossou-Aworet's 532,693,719 shares gained about $121.3 million.

Aradel ended September with a market value of about 6.65 trillion naira.