Stanbic IBTC Capital Limited, Stanbic IBTC Bank Limited, and the Standard Bank of South Africa Limited have successfully achieved financial close on a landmark $250m financing facility for Aradel Energy Limited.

This was disclosed in a statement on Wednesday, indicating that the facility was structured to support Aradel Energy’s strategic growth agenda, including the acquisition of an additional 40 per cent equity interest in ND Western Limited from Petrolin Trading Limited, the refinancing of existing loan facilities, and the funding of increased production from the company’s existing asset base.

Aradel Energy is a wholly owned subsidiary of Aradel Holdings Plc and the operator of the Ogbele and Omerelu onshore marginal fields, as well as OPL 227 in shallow water terrain.

Prior to the transaction, Aradel Energy held a 41.67 per cent equity interest in ND Western. Following the completion of the acquisition, its shareholding in ND Western has increased to 81.67 per cent.

ND Western holds a 45 per cent participating interest in OML 34 and a 50 per cent equity interest in Renaissance Africa Energy Company Limited.

Renaissance is the operator of the Renaissance Joint Venture and a 30 per cent owner of one of Nigeria’s largest and most strategic energy portfolios. As a result of the transaction, Aradel Energy’s indirect equity interest in Renaissance has increased to 53.3 per cent, significantly strengthening the company’s upstream position and long-term value creation potential.

Standard Bank acted as global coordinator and bookrunner, leading the structuring, execution, and funding of the facility, affirming the bank’s deep sectoral expertise and reinforcing its position as a leading financier in Africa’s energy industry.

Executive Director, Corporate and Transaction Banking, Stanbic IBTC Bank, Eric Fajemisin, said, “As Aradel Energy consolidates its position as one of Nigeria’s leading oil and gas companies, Stanbic IBTC Bank is proud to serve as a trusted long-term partner supporting the company’s growth ambitions.”

Regional Head, Energy & Infrastructure Finance, West Africa at Standard Bank, Cody Aduloju, said, “The transaction illustrates Standard Bank’s ability to deliver large-scale, tailored funding solutions and further demonstrates our support for the fast-growing indigenous companies of Nigeria’s oil and gas sector.”

Commenting on the transaction, Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, said, “The acquisition bolsters Aradel Energy’s competitive positioning across Nigeria’s oil and gas value chain and supports our commitment to strategic growth, asset optimisation, and enduring value creation. We are pleased to have partnered with Standard Bank, which supported us and delivered a fully funded solution under very tight timelines.”