Adedapo Adesanya
By Adedapo Adesanya
Niger Delta Exploration & Production (NDEP) Plc, at the weekend, rebranded into Aradel Holdings as part of efforts to transform the energy industry and set new standards for innovation, growth, and sustainability.
This, according to the firm, is to better reflect its long-term strategy of becoming Africa’s leading organisation in the delivery of sustainable energy solutions that support economic growth.
Speaking as the company celebrated the 30th anniversary of its incorporation, the Chairman of Aradel Holdings, Mr Ladi Jadesimi, at the ceremony held in Lagos, noted that, “This is an important day for our company because it signifies our coming of age as a fully integrated player in the energy business.
“We recognize that the present and future of any company in terms of prospects are more relevant than a glorious past or heritage. We are very aligned with the dynamic changes, opportunities, and challenges ahead of us and have a robust and well-articulated strategy to take advantage of the opportunities while managing the risks.”
Aradel Holdings said it will continue to focus on exploration and production, as well as invest in renewable energy and other emerging technologies to further diversify its investment portfolio to ensure long-term strength.
Mr Adegbite Falade, Managing Director and CEO of Aradel Holdings, expatiated on the company’s future aspirations led by its rebranding.
“Aradel will continue to be a resilient company that adapts and reinvents itself for the future. We are a company that is focused on providing energy solutions and consider ourselves a critical part of energy security in the nation.
“Our focus remains on providing energy access to every community we live and operate in and beyond. Our new name represents not only our future but also reflects our past and unflinching pride in the legacy of our forefathers.”
Aradel consists of several subsidiaries, including Aradel Energy Limited, Aradel Gas Limited, and Aradel Investments Limited (formally known as Niger Delta Petroleum Resources Limited (NDPR), ND Gas Development Company Limited, and NDEP Investments Limited, respectively), all of which are wholly owned.
Aradel is also a significant equity holder in ND Western – a consortium of four companies that jointly acquired the 45 per cent participating interest in OML 34 belonging to SPDC, TOTAL, and NAOC, respectively, in 2012, and holds 95 per cent equity in Aradel Refineries (formally ND Refineries Limited) – an independent midstream entity.
The company trades its stocks on the NASD Over-the-counter (OTC) Securities Exchange, and it closed the last session on Friday, losing N16.21 to close at N350.00 per share from N366.21.
