Aradel Holdings Secures Renaissance Majority with $250 Million Investment

Aradel Holdings has quietly crossed a threshold in Nigeria’s upstream oil industry, emerging as the dominant shareholder in Renaissance Africa Energy Consortium with a 53.3 percent stake after completing a $250 million acquisition of an additional 40 percent interest in ND Western. The transaction, which increased Aradel’s ownership in ND Western to 81.67 per cent from 41.67 per cent, reshapes control within Renaissance and marks one of the most consequential ownership shifts in the post-IOC divestment era. Aradel now holds an effective controlling interest over what were formerly Shell’s crown-jewel onshore and shallow-water assets in Nigeria. Before the deal, Aradel held a combined 33.3 percent stake in Renaissance Africa Energy through a direct 12.5 percent interest and a 20.8 percent indirect stake via ND Western. The acquisition vaulted that total economic interest to 53.3 percent, according to disclosures reviewed by BusinessDay. The threshold gives Aradel controlling interest over Renaissance’s 30 percent stake in the Renaissance JV, formerly the Shell Petroleum Development Company JV. Read also: Aradel Holdings boosts stake in ND Western to 82% in strategic acquisition The Renaissance consortium emerged in March 2025 after Shell completed the sale of SPDC to five companies: ND Western, Aradel Holdings, Waltersmith Petroleum Development Company, First E&P, and Petrolin Trading Company. The transaction carried a net book value of about $2.8 billion, with proven reserves estimated at 458 million barrels of oil equivalent. Aradel’s latest move signals the company is not content with being a passive financial partner. By consolidating its position in ND Western, a key operating company with a 45 percent working interest in OML 34, Aradel is anchoring itself at the operational core of Renaissance’s asset base. The financing structure underscores the scale of Aradel’s ambition. The $250 million acquisition was fully debt-funded at a time when upstream financing remains constrained. The deal reflects growing lender confidence in indigenous operators with producing assets and stable cash flows. Read also: Aradel records 122% net income growth, hits N245.1 billion in nine months Aradel’s Q3 2025 financial statements show why that confidence may be justified. The company reported a stronger balance sheet and improving operating cash flows, supported by rising production and firmer oil prices during the period. Management highlighted strategic investments aimed at building long-term reserves and earnings visibility. Beyond Renaissance, Aradel has been steadily broadening its upstream footprint. In 2025, the company acquired a 6.01 percent stake in Chappal Energies, an indigenous firm that holds a 20.21 percent interest in the Agbami oil field, operated by Chevron. Agbami remains one of Nigeria’s largest deepwater fields, and the stake gives Aradel indirect exposure to a world-class offshore asset with a markedly different risk and production profile from onshore operations. The rising stake in Renaissance places Aradel in a position of influence over production, capital allocation and future development plans in one of Nigeria’s most important onshore platforms.