Pecohub STANDARD Bank, acting through Stanbic IBTC Capital Limited, Stanbic IBTC Bank Limited, and The Standard Bank of South Africa Limited, has successfully closed a $250 million financing facility for Aradel Energy Limited.
Through this transaction, the bank directly supports Aradel’s expansion plans.
Specifically, the facility enables the acquisition of an additional 40 percent equity stake in ND Western Limited from Petrolin Trading Limited. At the same time, the funding allows the company to refinance existing loans and accelerate production across its current asset base.
Commenting on the deal, the Executive Director, Corporate and Transaction Banking at Stanbic IBTC Bank, Eric Fajemisin, emphasised the partnership approach.
According to him, as Aradel Energy continues to consolidate its position within Nigeria’s oil and gas space, Stanbic IBTC Bank remains proud to support the company as a long term financial partner focused on growth and scale.
Similarly, Regional Head, Energy and Infrastructure Finance, West Africa at Standard Bank, Cody Aduloju, noted that the transaction clearly shows the Bank’s ability to deliver large, customised funding solutions.
Furthermore, he stressed that the deal reflects Standard Bank’s ongoing support for fast growing indigenous companies operating within Nigeria’s oil and gas sector.
Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, explained that the acquisition materially strengthens Aradel Energy’s competitive positioning across the oil and gas value chain.
In addition, he stated that the deal aligns with the group’s focus on strategic growth, asset optimisation, and sustained value creation. He also acknowledged Standard Bank’s role in delivering a fully funded solution within very tight timelines.
Aradel Energy operates as a wholly owned subsidiary of Aradel Holdings Plc. It manages the Ogbele and Omerelu onshore marginal fields and also holds interests in OPL 227 in shallow water terrain.
Before the deal, the company owned 41.67 percent of ND Western. However, following the completion of the acquisition, Aradel Energy increased its holding to 81.67 percent. As a result, the company now exercises significantly stronger influence over ND Western’s operations and future direction.
ND Western holds a 45 percent participating interest in OML 34 and a 50 percent equity stake in Renaissance Africa Energy Company Limited. Renaissance, in turn, operates the Renaissance Joint Venture and owns 30 percent of one of Nigeria’s largest and most strategic energy portfolios.
Consequently, Aradel Energy’s indirect equity interest in Renaissance has risen to 53.3 percent. Through this shift, the company deepens its upstream footprint and reinforces its long term value creation strategy.
