Aradel Holdings Plc (NGX:ARADEL) has completed the acquisition of an additional equity stake in ND Western Limited (NDW) through its wholly owned subsidiary Aradel Energy Limited, following the fulfilment of all regulatory and contractual conditions precedent, the company said.
NDW is a key partner in the OML 34 onshore licence, one of Nigeria’s more material indigenous-operated oil assets following the divestment of onshore portfolios by international oil companies.
The transaction, first announced on October 24, 2025, involved the purchase of a 40% equity interest in NDW from Petrolin Trading Ltd. Completion of the deal increases Aradel Energy’s shareholding in NDW to 81.67%, resulting in NDW becoming a subsidiary and giving Aradel operational control over the asset.
The acquisition also resulted in a material increase in Aradel’s aggregate exposure to Renaissance Africa Energy Company Limited, with the group’s indirect shareholding rising from 33.3% to 53.3%, strengthening its participation in Nigeria’s evolving indigenous upstream landscape.
The transaction comes amid a broader shift in Nigeria’s oil and gas sector, as local operators consolidate assets previously held by international majors, supported by regulatory reforms under the Petroleum Industry Act and increased availability of domestic financing.
Aradel said the deal aligns with its strategy of building scale across upstream, midstream and integrated energy operations, while deepening Nigerian ownership and control over producing oil assets.
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