 has divested part of his equity in Aradel Holdings Plc.){kind=link}
Fola Adeola, co-founder of Guaranty Trust Bank (GTBank) has divested part of his equity in Aradel Holdings Plc.
Regulatory filings with the Nigerian Exchange Limited show that Mr Adeola, a notable figure in Nigeria’s financial landscape, sold 18.25 million shares on December 31, 2024, for a total value of N10.9 billion at a price of N598.50 per share.
Before the sale, Adeola held 256,529,580 or 5.9% of Aradel’s shares. The transaction is worth 17% of his total holding in the oil and gas company.
Aradel Holdings, formerly Niger Delta Exploration & Production Plc, listed on the Nigerian Exchange in August 2024 at N702.69 per share, transitioning from over a decade on the NASD OTC market.
The company aims to acquire a 5.14% stake in Chappal Energies Mauritius Limited, which invests in high-value upstream energy projects. Additionally, Aradel plans to purchase Nigeria’s Olo and Olo West fields from TotalEnergies and NNPC for $16 million, with deferred payments of $3.5 million.
Aradel’s financial performance has been robust. From 2019 to 2023, its compound annual growth rate (CAGR) hit 48.11%, according to Nairametrics. After a pandemic-related dip in 2020, revenues surged 58.53% in 2021 and an extraordinary 234.51% in 2023, driven by increased production and rising global crude prices.
In 2024, the company sustained momentum with a 207% year-over-year revenue growth in the first nine months, posting N377.58 billion.
Fola Adeola
Fola Adeola, co-founder of Guaranty Trust Bank (GTBank), served as its CEO from 1990 to 2002, leading its expansion across Africa and the UK. After retiring, he chaired several companies, including ARM, Lotus Capital, and Main One Cable, which developed a 14,000-kilometer submarine internet cable.
In public service, Mr Adeola chaired the National Pension Commission and led disaster relief efforts in Lagos after the 2002 armoury explosion. He was the vice-presidential candidate for the Action Congress of Nigeria in the 2011 elections.
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