THE refined products of Aradel Holdings Plc rose by 18 percent in full-year 2025, rising to 313.4 million litres from 264.9 million litres reported in 2024, reflecting improved refinery uptime and expanded capacity, the full-year 2025 financial statement of the company released on Wednesday revealed.
The financial report of the integrated energy company – with operations spanning upstream, midstream, downstream, power and renewables – shows that its refining capacity utilisation improved to 49 percent in 2025, from 40 percent reported in 2024, underscoring upside potential and additional opportunities that exist to further optimise the business.
Similarly, the oil major’s total assets grew 6 times or by 495 percent year-to-date to N10.4 trillion in 2025, from N1.7 trillion reported in , primarily. Aradel attributed asset growth to its consolidation of ND Western and Renaissance following the acquisition of control in both
entities.
In December 2025, Aradel, a leading indigenous energy company, announced that its wholly-owned subsidiary, Aradel Energy Limited, had successfully completed the acquisition of an additional equity interest in ND Western Limited, following the fulfilment of all regulatory and contractual conditions precedent.
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The transaction, previously announced on October 24, 2025, involved the acquisition of a 40 percent equity interest in ND Western from Petrolin Trading Ltd. With the completion of the transaction, Aradel Energy Limited’s shareholding interest in ND Western increased from 41.67 percent to 81.67 percent, and ND Western became a subsidiary of Aradel Energy Limited. The acquisition also results in a material increase in Aradel’s aggregate shareholding in Renaissance Africa Energy Company Limited, increasing its total indirect ownership in the company from 33.3 percent to 53.3 percent.
Top-line and bottom-line numbers
The group’s revenue rose 20 percent to N697.3 billion in 2025, from N581.2 billion reported in 2024. Profit after tax increased to N401.2 billion, from N259.1 billion in 2024. But operating profit declined by 7 percent to N272 billion in 2025, from N291.4 billion reported in the corresponding period of 2024.
“Operating profit declined during the period, primarily due to exceptional, non-recurring items, including crude oil overlifts resulting in N34.7 billion stock adjustment expenses, a one-off N25.5 billion provision for price-based royalties pending resolution of computation mechanism, and higher staff costs arising from Long-Term Incentive Plan (LTIP) payments,” the oil company said.
Gas and crude business
Aradel recorded gas production volumes of 18.76 billion cubic feet (bcf) in 2025, a 59 percent increase compared to 11.81 bcf recorded in 2024. Average daily gas production rose 59 percent to 51.4 million standard cubic feet (mmscf/day) in 2025, as against 32.4mmmscf in 2024, supported by new gas wells and enhanced recovery.
On the other hand, total crude oil and condensate production marginally increased by 3 percent to 5.16 million barrels of oil (mmbbls) in full year 2025, compared to 5.06 mmbbls for the period ending 31 December 2024.
“Crude oil production averaged 14,142bbls/day3, up 3% from 13,751bbls/day in FY 2024, driven by improved well optimisation, enhanced efficiency, and operational excellence.”
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Aradel said share of profits from associates rose sharply by 523 percent to N197 billion, from N31.6 billion reported in 2024, reflecting
enhanced contributions from ND Western Limited and Renaissance Africa Energy Company. “Renaissance (12.5 percent equity interest) contributed 30 percent (N58.4 billion), while ND Western (41.67 percent direct interest and an additional 20.8 percent through RAEC) accounted for the remaining 70 percent (N138.5 billion).”
CEO’s view
Chief Executive Officer of Aradel, Mr Adegbite Falade, said Aradel delivered a strong and resilient performance in 2025, reflecting the quality of the group’s asset base, disciplined execution, and inherent resilience of its diversified energy portfolio.
“Despite operating in a dynamic environment, we achieved meaningful growth across our upstream, gas, and refining businesses. During the year, we advanced our acquisition-led growth strategy with the completion of two landmark transactions: the acquisition of a 33.3% effective equity interest (comprising 12.5% directly by Aradel Energy; and 20.8% indirectly through ND Western Limited) in Renaissance Africa Energy Company Limited, operator of the Renaissance Joint Venture (formerly known as the SPDC Joint Venture), and the purchase of an additional 40% equity interest in ND Western Limited,” he said.
He revealed that the acquisition of the additional interest in ND Western Limited represented a significant milestone for the group, noting that it was fully aligned with Aradel’s long-term strategy of disciplined portfolio consolidation, asset base expansion, and sustainable value creation, and further strengthens its strategic position within Nigeria’s upstream oil and gas sector.
“The completion of the NDW transaction increases Aradel’s effective interest in ND Western Limited to 81.67% and the Renaissance Africa Energy Company Limited to 53.33%. Looking ahead, our focus in 2026 is on consolidating our expanded portfolio to enhance operational scale, improve efficiency across our assets, increase production and further diversify our revenue base in support
of long-term shareholder value.”
