Stanbic IBTC Capital Limited, Stanbic IBTC Bank Limited, and The Standard Bank of South Africa Limited (collectively, “Standard Bank”) have efficiently achieved {financial} shut on a landmark USD 250 million financing facility for Aradel Energy Limited (“Aradel Energy” or the “Company”). The facility was structured to assist Aradel Energy’s strategic progress agenda, together with the acquisition of a further 40% fairness curiosity in ND Western Limited (“ND Western”) from Petrolin Trading Limited, the refinancing of present mortgage services, and the funding of elevated manufacturing from the Company’s present asset base.
Aradel Energy is an entirely owned subsidiary of Aradel Holdings Plc and the operator of the Ogbele and Omerelu onshore marginal fields, in addition to OPL 227 in shallow water terrain. Prior to the transaction, Aradel Energy held a 41.67% fairness curiosity in ND Western. Following the completion of the acquisition, its shareholding in ND Western has elevated to 81.67%.
ND Western holds a forty five% collaborating curiosity in OML 34 and a 50% fairness curiosity in Renaissance Africa Energy Company Limited (“Renaissance”). Renaissance is the operator of the Renaissance Joint Venture and a 30% proprietor of one in all Nigeria’s largest and most strategic vitality portfolios. As a results of the transaction, Aradel Energy’s oblique fairness curiosity in Renaissance has elevated to 53.3%, considerably strengthening the corporate’s upstream place and long-term worth creation potential.
Standard Bank acted as Global Coordinator and Bookrunner, main the structuring, execution, and funding of the ability. The transaction affirms the Bank’s deep sectoral experience and reinforces its place as a number one financier in Africa’s vitality trade.
Eric Fajemisin, Executive Director, Corporate and Transaction Banking, Stanbic IBTC Bank acknowledged: “As Aradel Energy consolidates its position as one of Nigeria’s leading oil and gas companies, Stanbic IBTC Bank is proud to serve as a trusted long-term partner supporting the Company’s growth ambitions.”.
“The transaction illustrates Standard Bank’s ability to deliver large-scale, tailored funding solutions and further demonstrates our support to the fast-growing indigenous companies of Nigeria’s oil and gas sector,” added Cody Aduloju, Regional Head, Energy & Infrastructure Finance, West Africa at Standard Bank.
Commenting on the transaction, Adegbite Falade, Chief Executive Officer of Aradel Holdings Plc, acknowledged: “The acquisition bolsters Aradel Energy’s competitive positioning across Nigeria’s oil and gas value chain and supports our commitment to strategic growth, asset optimisation, and enduring value creation. We are pleased to have partnered with Standard Bank, who supported us and delivered a fully funded solution under very tight timelines.”
This transaction reinforces Standard Bank Group’s dedication to offering strategic capital to shoppers as they execute on their transformative progress aims. By delivering tailor-made financing options that allow sustainable worth creation, the Bank stays a trusted accomplice to main firms throughout Africa’s evolving vitality panorama.
