Economy
Shell Assets Acquisition: Aradel Assures Shareholders Enormous Benefits
By Adedapo Adesanya
A Nigerian energy company, Aradel Holdings Plc, has assured its shareholders of “enormous benefits” for the acquisition of an undisclosed equity interest in Shell Petroleum Development Company of Nigeria (SPDC) Limited SPDC.
Shell on Tuesday announced that it had reached an agreement to sell its Nigerian onshore subsidiary to Renaissance, a consortium of five companies made up of four exploration and production companies and one international firm, for $2.4 billion.
One of the exploration and production companies is Aradel Holdings Plc, which was formerly known as Niger Delta Exploration and Production (NDEP) Plc.
In a statement on the NASD Over-the-Counter (OTC) Securities Exchange, where its stocks are traded, the company said the acquisition is premised on the signing of a landmark transaction between Renaissance Africa Energy Company Limited and Shell to acquire its 100 per cent shareholding in SPDC.
The statement said Renaissance is owned by ND Western Limited, Aradel Energy Limited, Petrolin Group, First Exploration and Petroleum Development Company Limited, and the Waltersmith Group, each with demonstrable and proven operational capabilities.
“This acquisition marks a significant milestone for Aradel, which will bring enormous benefits to its shareholders, further strengthen its financial outlook, and consolidate its strategic positioning in the Nigerian energy market.
“Aradel is committed to working in partnership with all the stakeholders in Renaissance and the SPDC Joint Venture to ensure a smooth transition and drive continued growth and success in Nigeria and beyond,” the notice said.
The deal is, however, not concluded as it is subject to meeting conditions precedent, and regulatory approvals.
Speaking on the acquisition, Aradel’s Chief Executive Officer/Managing Director, Mr Adegbite Falade, said: “This successful acquisition represents a key step in our journey to becoming a leading energy Company in Africa and aligns with our long-term strategic growth plans.
“It also demonstrates our commitment to our “3R” Strategy of Resilience, Robustness, and Redundancy.”
The news has seen an uptick in the share price of the company on the NASD OTC Securities Exchange which has recorded a Year-to-Date (YTD) increase of 38.4 per cent. As of press time, the company’s stock is selling for N1,507.22 per unit.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
