Economy
Aradel Boosts Crude Oil Production by 36% to 13,250b/d in Q1 2024
By Adedapo Adesanya
Aradel Holdings Plc has revealed that its crude oil production rose by 36 per cent to 13,250 barrels per day in the first quarter of 2024.
The indigenous energy company also disclosed at its 29th Annual General Meeting (AGM) in Lagos that its gas production increased by 36 per cent to 36.8 million standard cubic feet per day from the average 2023 numbers.
According to a statement, Aradel said the volume of refined petroleum products was 722,000 litres per day, slightly down by 1.6 per cent.
“In comparison to the same period in 2023, Q1 2024 revenues are up by 90 per cent, and Profit Before Tax is up by 62 per cent both in Functional USD,’’ it added.
Speaking on this, the Chairman of Aradel Holdings, Mr Ladi Jadesimi, stated that the company’s performance in 2023 was characterised by unprecedented growth, underpinned by the sound strategic initiatives implemented in 2022, in addition to the year’s new initiatives.
“We increased our overall crude production volumes and enhanced our well delivery performance and potential. The Alternative Crude Evacuation system completed in 2022 was subsequently optimised further during the year under review, facilitating the safe evacuation of crude with the impact being a significant reduction in crude loss compared to levels experienced in prior years,’’ Jadesimi remarked.
The chairman maintained that the company in 2023 recorded a revenue growth of 234.5 per cent to N221.1 billion ($342.3 million) from the N66.1 billion ($156.1 million) attained in 2022.
The company also achieved an increase of 254.9 per cent in Profit After Tax to N53.7 billion ($69.1 million) from N15.1 billion ($35.5 million) recorded in 2022.
Based on the financial performance, a final dividend of N170 per share, as recommended by the Board of Directors was approved by the shareholders at the AGM.
On his part, the chief executive of Aradel Holdings, Mr Adegbite Falade, said, “The dogged pursuit of multiple initiatives, guided by the visionary wisdom of a most experienced Board of Directors, fuelled by an extremely hard-working, passionate and dedicated workforce created mutually assuring outcomes that enabled the outstanding growth in the operational performance seen in 2023.’’
Speaking on the firm’s aspirations, he noted, “Our published Q1 2024 unaudited accounts provide a clear indication of what lies ahead for Aradel Holdings Plc. Our accounts show that at both operational and financial levels, our company is not letting off from where we ended in 2023.
“Crude oil production was 13,250 bbls/day, up by 36 per cent from the average for the FY2023 numbers, Gas production was 36.8 mmscf/d up by 36 per cent from the average FY2023 numbers, and Refined petroleum products was 722 Kltrs/d slightly down by 1.6 per cent from the average FY2023 numbers.’’
Meanwhile, he disclosed that on May 29, Aradel joined the elite rank of companies in Nigeria that attained a N1 trillion market capitalisation on the NASD Over-the-Counter (OTC) Securities Exchange.
“We closed at N4,882 per share at the end of the day’s trading,” he noted
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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