Aradel Strives to be a Fully Indigenous Company Operating in the Oil Sector Value Chain

Speaking in a panel session at the Society of Petroleum Engineers (SPE) Nigerian Council’s 47th Nigeria Annual International Conference & Exhibition (NAICE) in Lagos, Managing Director and Chief Executive Officer of Aradel Holdings PLC, Adegbite Falade, disclosed that the company continually strives to be a fully indigenous company operating in the Upstream, Midstream and Downstream of the oil sector.

Falade was of the view that plans of the company to be listed on the Nigerian Exchange’s main board before the end of the current quarter in September is underway.

He disclosed that the company currently has over 2000 shareholders adding that governance at the board level and value addition is key drivers of the company’s continued growth.

Aradel Holdings saw its total revenue grow by 234.5 percent to N221.1 billion from N66.1 billion in the prior year, driven by crude oil exports generating N108.4 billion, refined product sales and gas business contributed N102.5 billion and N10.2 billion, respectively