Economy
Aradel Revenue Jumps 238.8% to N123bn, PAT Rises 170% to N19.2bn
By Adedapo Adesanya
Aradel Holdings Plc witnessed a 238.8 per cent revenue increase in the first nine months of 2023 ended on September 30 to N123.0 billion from N36.3 million in the same period of 2022.
The growth was driven by its crude oil revenue, which accounted for 45.5 per cent of total revenue as it increased to N55.9 billion, comparatively there were no crude sales for the corresponding period in 2022.
According to the financial statement seen by Business Post, the improvement was attributed to the improved utilisation of the Trans Niger Pipeline (TNP), an impact from reduced crude theft losses through the TNP in addition to the value captured through the Alternative Crude Evacuation (ACE) channel.
Gas revenue recorded a 67.8 per cent increase, amounting to N6.3 billion representing 5.1 per cent of total revenue. This reflected an increase in production volumes in contrast to N3.7 billion in 2022 which then accounted for 10.3 per cent of total revenue.
There was an 86.7 per cent increase in refined products (49.4 per cent of the total) to N60.8 billion versus N32.6 billion or 89.7 per cent of total revenue in the preceding period due to increased sales volumes of 126.2 mmlitres up by 66.7 per cent (9M 2022: 75.7 mmlitres).
The energy company saw its gross profit increase by 213.4 per cent to N70.3 billion from 22.4 billion which resulted in an operating profit of N40.2 billion against last year’s N15.9 billion. There was a decline of 19.5 per cent in other income to N0.3 billion versus N0.4 billion due to exchange losses recorded from the fluctuation in the country’s FX rate.
Aradel recorded a Profit Before Tax (PBT) of N37.4 billion, up 117.4 per cent year-on-year from N17.2 billion. Income tax expense estimate of N18.2 billion (cash tax of n6.6 billion and deferred tax of N11.6 billion), while the Profit After Tax (PAT) increased by 170.1 per cent to N19.2 billion from the N7.1 billion published in 9M 2022.
In terms of its operations, crude oil production rose 148.1 per cent from 3,584 barrels per day to 8,893 barrels per day.
For gas production, it increased by 25.1 per cent to 22.4 million standard cubic feet per day (or 3,949 barrels of oil equivalent per day) compared to 17.8 Mmillion standard cubic feet per day(3,157 barrels of oil equivalent per day) while refined petroleum products sold 126.2 mmlitres, up 66.7 per cent year-on-year from 75.7 mmlitres).
Speaking on the result, the Chief Executive Officer/Managing Director, Mr Adegbite Falade, said, “The first nine months of 2023 have been a period of significant progress and growth for our company, despite the challenging macro-economic environment. We commenced production in two new wells (Well-12 and Well-13) during the period, which has significantly boosted our crude oil and gas production.
“This, coupled with an increase in refined product output, has led to a year-on-year increase in our overall production volumes.”
On the challenges, he pointed out that, “We also experienced exchange losses due to foreign exchange volatility and a formal devaluation of the Naira, symptomatic of the general business environment. These have, however, been offset by our increased operational performance and strong revenue growth.
“I am delighted to report that our profit after tax increased by 170.1 per cent during the period. This significant increase in profitability, despite the higher depreciation and exchange losses, demonstrates the underlying strength of our operations and the success of our growth strategy.”
“We remain committed to delivering value to our stakeholders and are confident in our ability to continue to grow and succeed in the future,” he added.
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
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