Aradel Holdings Plc,Nigeria’s leading integrated indigenous energy Company, listed on the NASD Exchange and the FMDQ, is pleased to announce its acquisition through Aradel Energy Limited (“Aradel”) of an equity interest in Shell Petroleum Development Company (SPDC) Limited, Nigeria.
This acquisition is premised on the signing of a landmark transaction between Renaissance Africa Energy Company Limited (“Renaissance”), and Shell International PLC to acquire its 100% shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC).
Renaissance is owned by ND Western Limited, Aradel Energy Limited, the Petrolin Group,
FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group,
each with demonstrable and proven operational capabilities.
This acquisition marks a significant milestone for Aradel, which will bring enormous benefits
to its shareholders, further strengthen its financial outlook and consolidate its strategic
positioning in the Nigerian energy market. Aradel is committed to working in partnership with
all the stakeholders in Renaissance and the SPDC Joint Venture to ensure a smooth transition
and drive continued growth and success in Nigeria and beyond.
Completion is subject to meeting conditions precedent, and approvals of the Federal
Government of Nigeria.
Speaking on the acquisition, Aradel’s Chief Executive Officer/Managing Director,
Adegbite Falade commented “This successful acquisition represents a key step in our
journey to becoming a leading energy Company in Africa and aligns with our long-term
strategic growth plans. It also demonstrates our commitment to our “3R” Strategy of
Resilience, Robustness, and Redundancy.
Aradel Holdings Plc (formerly known as Niger Delta Exploration & Production Plc), “Aradel” or “the
Company” or “the Group” is a leading energy Company in Nigeria with interests in multiple oil and
gas assets. The Company was incorporated on March 25, 1992 (as the Midas Drilling Fund),
changed its name to Niger Delta Exploration and Production Plc in November 1996, and assumed
its current name in May 2023.
Aradel Holdings’ unique offerings incorporate the full spectrum of the energy industry,
encompassing exploration, production, refining, and distribution. The Group’s shares are traded
on the National Association of Securities Dealers (NASD) Over the Counter (OTC) Securities
Exchange under the ticker symbol, SDARADEL, and our bonds are traded on FMDQ Exchange.
