GTBank Co-founder Fola Adeola sells N10.9 billion worth of Aradel shares 

Fola Adeola, co-founder of Guaranty Trust Bank (GTBank) and a prominent figure in Nigeria’s financial sector, has sold 18.25 million shares in Aradel Holdings Plc, valued at approximately N10.9 billion.

The sale was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited.

According to the company’s statement, the transaction took place on December 31, 2024, with each share sold at N598.50. Adeola, a major shareholder in Aradel, held over 5% equity before the sale.

Aradel Holdings, formerly known as Niger Delta Exploration & Production Plc, is a leading energy company with significant investments in oil and gas.

The statement, signed by Company Secretary Titi Omisore, clarified that the transaction was part of routine share dealings by insiders, in compliance with regulatory requirements.

Adeola’s financial influence extends beyond banking. He is the founder of FATE Foundation, an organization focused on supporting entrepreneurs, and a member of the Commission for Africa. His decision to offload the shares may indicate a strategic financial move, though no official reason has been provided.

Aradel’s recent performance on the Nigerian Exchange has attracted both local and international investors, further boosting the company’s market credibility.

What to know The sale comes as Aradel Holdings continues to strengthen its position in Nigeria’s energy sector. Nairametrics earlier reported that Aradel planned to acquire a 5.14% stake in Chappal Energies Mauritius Limited, an investment vehicle focusing on high-value upstream energy projects across Africa.

This announcement followed Aradel’s public listing on the Nigerian Exchange (NGX) at N702.69 per share, marking its transition from over a decade on the NASD OTC market.Prior to the listing, Aradel revealed plans to acquire Nigeria’s Olo and Olo West fields from TotalEnergies and NNPC for $16 million, with an additional $3.5 million in deferred payments.Aradel’s financial performance has been exceptional, achieving a compound annual growth rate (CAGR) of 48.11% between 2019 and 2023. After a slight revenue dip in 2020 due to the COVID-19 pandemic, the company rebounded with a 58.53% year-over-year (YoY) growth in 2021 and a laudable 234.51% YoY growth in 2023.Increased production and elevated global crude oil prices drove the growth, with crude oil output rising 146.82% YoY, gas production increasing 48.6% YoY, and refined products surging 74.62% YoY.Aradel has maintained its momentum in 2024, posting a 207% YoY revenue growth in the first nine months, reaching N377.58 billion.

Deborah Dan-Awoh Deborah Dan-Awoh is a seasoned lifestyle analyst with a knack for storytelling. The focus of her work covers people, money and culture as it relates with business and economy.
When she’s not keeping tabs on the latest trends in lifestyle and finance- Deborah enjoys networking with industry experts to gain insight into major markets as it affects the populace