Aradel Holdings Plc, a Nigerian energy group led by Chief Executive Adegbite Falade, has secured a 250 million financing facility from South Africas Standard Bank Group. The funding is aimed at supporting the companys expansion and refinancing plans, as well as its broader growth strategy in Nigerias oil and gas sector.
Aradel expands stake in ND Western
Standard Bank served as global coordinator and bookrunner on the deal. The facility, arranged through Stanbic IBTC Capital, Stanbic IBTC Bank, and The Standard Bank of South Africa, will fund Aradels purchase of an additional 40 percent stake in ND Western from Petrolin Trading. The loan will also refinance existing debts and back higher production from Aradels existing fields. Aradel Energy, a fully owned subsidiary of Aradel Holdings, operates the Ogbele and Omerelu onshore marginal fields and OPL 227. Its stake in ND Western has increased from 41.67 percent to 81.67 percent following the transaction.
