Aradel Holdings Plc has completed the acquisition of an additional 40 per cent equity interest in ND Western Limited, strengthening its position in Nigeria’s upstream oil and gas sector.

In a statement released on the Nigerian Exchange on Wednesday, the company said the transaction was executed through its wholly owned subsidiary, Aradel Energy Limited, following the fulfilment of all regulatory and contractual conditions precedent. The deal was initially announced on 24 October 2025.

With the completion of the acquisition from Petrolin Trading Ltd, Aradel Energy Limited’s shareholding in ND Western increased from 41.67 per cent to 81.67 per cent, making ND Western a subsidiary of Aradel Energy Limited.

The transaction also resulted in a material increase in Aradel’s indirect shareholding in Renaissance Africa Energy Company Limited. Aradel said its aggregate ownership in the company rose from 33.3 per cent to 53.3 per cent following the deal.

ND Western holds a 45 per cent participating interest in Oil Mining Lease 34, a producing asset located in the Western Niger Delta.

The company also owns 50 per cent of the share capital of Renaissance Africa Energy Holding Company Limited, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture.

Aradel said the acquisition aligns with its long-term strategy of disciplined portfolio consolidation, asset base expansion and sustainable value creation, while enhancing operational scale, efficiency and resilience across its asset portfolio.

Commenting on the transaction, the Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, said the deal marked another milestone in the company’s growth plans.

“The completion of this acquisition represents a further step in the execution of our growth and consolidation strategy. Increasing our equity interest in ND Western reinforces Aradel’s position as a leading indigenous integrated energy company and enhances our ability to drive long-term value for shareholders through scale, operational efficiency and portfolio optimisation,” he said.

The company noted that the transaction was completed after obtaining all required regulatory approvals, including approvals from the Nigerian Upstream Petroleum Regulatory Commission and the Federal Competition and Consumer Protection Commission.

Aradel Holdings Plc, formerly known as Niger Delta Exploration and Production Plc, is listed on the Main Board of the Nigerian Exchange under the ticker symbol ARADEL.