Nigerian integrated energy company Aradel Holdings will list 4.34 billion shares on the Nigerian Exchange Limited, the company announced on Monday.
The company received regulatory approval to list its ordinary shares through listing by way of introduction, allowing the company’s current shareholders to publicly list and sell their stocks. The listing will increase the stock exchange’s equities market capitalisation by around USD 1.8 billion. The move is also considered to be part of a trend in Nigeria’s oil and gas sector to broaden its pool of investors.
Regarding the listing, the chairman of Nigerian Exchange Group, Umaru Kwairanga, said, “This achievement is not just a win for Aradel but also a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient and full of opportunities.”
Jude Chiemeka, CEO of Nigerian Exchange Group, further explained, “This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market can fuel efficiency and development in critical industries.”
The listing follows a series of positive developments for Aradel. As of June 2024, the Nigerian company was producing 13,250 bopd, a 90% increase over the past year, and acquired marginal oilfields from NNPC and TotalEnergies in August 2024.