Aradel Holdings, a prominent entity on the Lagos Stock Exchange, is progressing with its strategy to acquire a 40% equity stake currently owned by Petrolin Trading Limited, a Switzerland-based firm, in ND Western.
This acquisition is part of a joint partnership involving four stakeholders, including Aradel, who earlier this year collectively purchased Shell’s Nigerian onshore assets for $2.4 billion.
According to a recent disclosure to regulators, “Following the completion of this deal, Aradel’s ownership in ND Western will rise substantially, strengthening its foothold in Nigeria’s upstream oil and gas industry.”
Petrolin Trading Limited operates under the Petrolin Group, established in the United Kingdom by Samuel Dossou-Aworet, a renowned oil sector veteran from Benin.
Currently holding 41.7% of ND Western, Aradel’s acquisition of Petrolin’s 40% share will elevate its total equity to 81.7%, effectively converting ND Western into a subsidiary under Aradel’s control.
This transaction is pending authorization from the Nigerian Upstream Petroleum Regulatory Commission and the Federal Competition and Consumer Protection Commission before finalization.
Moreover, ministerial approval is mandated under the legal framework governing mergers and acquisitions involving oil mining leases (OML) and oil prospecting leases (OPL) to legitimize this transaction.
ND Western holds a 45% stake in OML 34, located in the western Niger Delta, a region rich in crude oil and natural gas reserves.
Additionally, ND Western owns 50% of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, which manages the Renaissance Joint Venture, as disclosed by Aradel.
Since its listing on the Nigerian Exchange a year ago, Aradel’s market value has experienced fluctuations, dropping from an initial N3.4 trillion to a low of N1.7 trillion in November of the previous year.
However, the stock has recently rebounded, reaching price levels last seen in October 2025, following its transition from the NASD OTC market to the main board of the Lagos Stock Exchange.
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In August, Aradel secured $50 million in funding from the International Finance Corporation to support the expansion of its modular refinery situated in Ogbele, Rivers State. This cutting-edge facility is set to boost its refining output from 1,000 to 11,000 barrels per day.
Financially, Aradel reported a 37.2% increase in revenue, reaching N368.1 billion in the first half of the year, while net profit surged to N146.4 billion from N104.4 billion during the same period.
Total assets also grew by 3.5% over six months, totaling N1.8 trillion at the end of the reporting period.