Aradel Holdings Debuts on Nigerian Exchange Limited
Aradel Holdings Plc, a prominent integrated energy company in Nigeria, has officially listed its ordinary shares on the Main Board of the Nigerian Exchange Limited (NGX) through a Listing by Introduction, effective Monday, October 14, 2024. This move comes after obtaining all necessary regulatory approvals and represents a pivotal milestone in Aradel’s growth trajectory.
With its listing, Aradel immediately qualifies for inclusion in the NGX 30 Index and NGX Oil and Gas Index. The company’s entry into the NGX provides investors with new opportunities to invest in a high-quality, dividend-paying entity. Aradel’s transition to the NGX aligns with its founders’ vision to democratize investment in Nigeria’s oil and gas sector, allowing more ordinary Nigerians to benefit from the industry’s growth. The listing further strengthens Aradel’s position as a leading publicly listed energy firm on Nigeria’s primary stock exchange.
Prior to its NGX listing, Aradel’s shares were traded on the NASD OTC Securities Exchange (NASD) starting from August 1, 2013. The transition from the NASD, where Aradel built a reputation for liquidity and transparent price discovery, marks a new chapter in the company’s development. Trading on the NASD concluded on Friday, October 11, 2024, in preparation for the NGX debut.
Leadership Insights and Strategic Vision
Reflecting on this milestone, Aradel’s Managing Director/CEO, Mr. Adegbite Falade, described the listing as a historic achievement. “Monday, October 14, 2024, will mark a historic milestone for Aradel as we list on the NGX, underscoring our commitment to creating long-term value for our shareholders and deepening our contributions to Nigeria’s economic landscape. This listing is a testament to our resilience, adaptability, and our unwavering dedication to providing sustainable energy solutions that drive growth across our communities and industries. As we embark on this new chapter in Aradel’s transformation journey, we remain focused on operational excellence, strategic expansion, and delivering returns that reflect our track record and vision for an energized future,” he stated.
Temi Popoola, Group Managing Director and CEO of NGX Group, emphasized the broader impact of Aradel’s listing on the Nigerian capital market, particularly for the oil and gas sector. “The benefits of an equity market listing for the upstream sub-sector of the oil and gas industry are especially crucial in light of its dire capital requirements and chronic underinvestment. Aradel has come to the market at a critical time, and we are confident that our infrastructure here at NGX, both market and technology, can unlock the capital flows needed to ensure the sector thrives,” Popoola remarked.
Jude Chiemeka, CEO of NGX, echoed similar sentiments, highlighting the role of NGX in facilitating growth for leading companies. “Aradel’s listing highlights NGX’s ability to support leading companies in their growth journey. 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,” Chiemeka added.
Advisory and Support Team
The listing process was supported by a team of seasoned advisers. Chapel Hill Denham and Stanbic IBTC Capital served as Financial Advisers to Aradel, with Templars acting as the Legal Adviser, and CardinalStone Securities as the Stockbroker.
Aradel’s listing on the NGX not only enhances its profile as a leading player in the energy sector but also opens up new investment avenues for stakeholders, contributing to the broader development of Nigeria’s capital markets and energy industry.
