This transaction was reported in a regulatory filing to the Nigerian Exchange Limited.
As per the company's announcement, the sale occurred on December 31, 2024, with each share priced at N598.50. Prior to this sale, Adeola was a significant shareholder in Aradel, owning over 5% of the company's equity.
Aradel Holdings, previously known as Niger Delta Exploration & Production Plc, is a prominent energy firm with substantial investments in the oil and gas sector.
The statement, issued by Company Secretary Titi Omisore, indicated that this transaction was part of standard share trading activities by insiders, adhering to regulatory standards.
Adeola's influence in finance extends beyond the banking sector; he is also the founder of FATE Foundation, an organization dedicated to aiding entrepreneurs, and serves as a member of the Commission for Africa. While his decision to sell shares may suggest a strategic financial maneuver, no official explanation has been given.
Aradel's recent performance on the Nigerian Exchange has drawn interest from both domestic and international investors, enhancing the company's market reputation.
Aradel Holdings is actively enhancing its presence in Nigeria's energy sector through a recent sale. Nairametrics previously reported that the company intends to acquire a 5.14% interest in Chappal Energies Mauritius Limited, which is dedicated to high-value upstream energy initiatives across Africa.
This development comes on the heels of Aradel's public listing on the Nigerian Exchange (NGX) at a share price of N702.69, marking its shift from over ten years on the NASD OTC market. Before this listing, Aradel announced its intention to purchase Nigeria's Olo and Olo West fields from TotalEnergies and NNPC for $16 million, along with an additional $3.5 million in deferred payments.
The company's financial performance has been remarkable, achieving a compound annual growth rate (CAGR) of 48.11% from 2019 to 2023. Following a minor revenue decline in 2020 due to the COVID-19 pandemic, Aradel experienced a robust recovery, recording a 58.53% year-over-year (YoY) growth in 2021 and an impressive 234.51% YoY growth in 2023.
This growth was fueled by increased production and rising global crude oil prices, with crude oil output soaring by 146.82% YoY, gas production up by 48.6% YoY, and refined products experiencing a 74.62% YoY increase. Aradel has continued this positive trend into 2024, achieving a remarkable 207% YoY revenue growth in the first nine months, totaling N377.58 billion.