NEWS
Why we Listed N4.34bn Shares on NGX – Aradel Holdings
Aradel Holdings Plc, on Monday, said it listed on the Main Board of the Nigerian Exchange Ltd.(NGX) to leverage the capital market for future growth and expand its operations.
Mr Adegbite Falade, Managing Director of Aradel, said this at the Facts Behind the Listing of the integrated energy company and Closing Gong Ceremony to commemorate its listing at the NGX in Lagos.
Report says that Aradel listed 4.
34 billion shares on the NGX Main Board at N702. 69 per share with a nominal value of 50k each, through a listing by introduction.This boosted the market capitalisation of the NGX by N3.05 trillion, marking a significant milestone in the oil and gas sector’s participation in the stock market.
The listing followed the company’s recent announcement that it has signed a Sale and Purchase Agreement with global energy giant TotalEnergies and the Nigerian National Petroleum Company (NNPC).
This is to acquire a 100 per cent interest in the Olo and Olo West marginal fields, located onshore in Nigeria.
Falade said the listing cemented the role of the firm as a dominant player in both traditional and renewable energy sectors.
The managing director stated that the listing was also a testament to the company’s resilience, adaptability, and unwavering dedication.
This, he added, was to provide sustainable energy solutions that drive growth across communities and industries.
He said: “This will mark a historic milestone for Aradel, underscoring our commitment to creating long-term value for our shareholders and deepening our contributions to Nigeria’s economic landscape.
“As we embark on this new chapter in Aradel’s transformation journey, we remain focused on operational excellence, strategic expansion, and delivering returns that reflect our track record and vision for an energised future.”
Likewise, Mr Ladi Jadesimi, the Chairman of Aradel Holdings, said that Aradel aims to expand its footprint in the renewable space while maintaining leadership in the oil and gas sector.
“The listing of Aradel Holdings on NGX represents a pivotal moment for us and provides us with the platform to unlock further value for our shareholders.
“We are committed to driving sustainable growth in Nigeria’s energy industry, particularly in the renewables space, while continuing to excel in petroleum product exploration and refining,”he said.
Commenting, Alhaji Umaru Kwairanga, Chairman, Nigerian Exchange Group, said the Exchange was honoured to facilitate capital raising for companies like Aradel that play a critical role in Nigeria’s economic progress.
Kwairanga noted that the achievement of the listing was not just a win for Aradel, but a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient, and full of opportunities.
Also, Mr Temi Popoola, Group Managing Director, NGX Group, said that the listing of an equity for the upstream sub-sector of the oil and gas industry is significant and beneficial.
Popoola noted that this was also crucial in the light of its dire capital requirements and chronic underinvestment.
“Aradel has come to the market at a critical time as this and we are confident that our infrastructure here at NGX, both market and technology, can unlock the capital flows needed to ensure the sector thrives,” he said.
Mr Jude Chiemeka, Chief Executive Officer (CEO) of NGX, also said Aradel’s listing highlighted NGX’s ability to support leading companies in their growth journey.
Chiemeka said, “This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market could fuel efficiency and development in critical industries.
Aradel Holdings is one of the major player in Nigeria’s oil and gas industry, and operates across the entire oil and gas value chain, with business interests in the exploration, production and refining of petroleum products.(NAN)
The Federal Government has declared Wednesday, Thursday and Jan.1, 2025 as public holidays.
This is contained in a statement signed by the Ministry of Interior’s Permanent Secretary, Dr Magdalene Ajani, on Monday in Abuja.
According to Ajani, the Minister of Interior, Olubunmi Tunji-Ojo said that the public holidays were to enable citizens to celebrate Christmas, Boxing Day and the New Year respectively.
“The Christmas season is a good moment for both spiritual reflection and national renewal.
“As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the Minister.
Tunji-Ojo emphasised the importance of the season as a time to foster harmony and to strengthen bonds across families and communities.
He assured citizens of the federal government’s continued commitment to ensuring peace, security, and prosperity across the nation.
He further expressed confidence in the renewed hope agenda of President Tinubu’s administration for a better and prosperous economy in 2025.
The Minister, on behalf of the federal government sent warm greetings to all Nigerians, urging them to use the festive period to reflect on the values of love, peace, and unity that the season signifies.(NAN)
Some suspected hoodlums on Saturday attacked the palace of Etsu Lokoja, Chief Emmanuel Dauda-Shelika, Nyamkpa IV, burning properties within the premises, including a vehicle.
The palace, located on plot 306, New Layout, Lokoja, was allegedly attacked by hoodlums at about 1:00 am on Saturday.
The Nupe Natives of Lokoja Development Union were planning to host the 2nd edition of the Nupe Natives end-of-the-year event, tagged “Lokoja ’24 Nupe Cultural Fiesta,” on Dec.
21, 2024, before the incident occurred.The event was, however, aborted due to the unfortunate attack.
Dauda-Shelika said this on Monday in Lokoja that he heard a big bang on my door at around 1 am.
“I woke up to check through the window, wondering what could have happened.
“Then, I suddenly saw wildfire coming out of my car that was set ablaze by attackers.
“I knew it was an attack on the palace, and therefore I could not come out because of fear of being attacked. So, I managed to come out through the back door and scaled the fence to escape for my life.
“Thereafter, I came out to the road and realised that all my neighbours in the community were on the ground trying hard to quench the fire, but unfortunately the car was burnt as well as other properties inside it.”
The traditional ruler appealed to the government and security agencies to investigate the cause of the attack and bring perpetrators and their sponsors to justice.
He admonished Nupe natives in Lokoja to avoid any reprisal attack but continue to remain peaceful and law abiding and allow the government and security agencies to conduct a thorough investigation of the attack.
“We are appealing to Gov. Ahmed Ododo and security agencies to please use their good offices to investigate this unfortunate incident and bring to justice whoever is concerned, whether directly or indirectly.
“We also want the government to kindly visit our issues by recognising and grading the stool of Etsu Lokoja, which had been in existence before colonisation,” he said.
He stated that the Lokoja Local Government Area chairman and his security team came for an on-the-spot assessment that Saturday morning, as well as the police and other security outfits.
The National President, Nupe Natives Union Lokoja, Alh. Abubakar Ndashite, said the event scheduled for Saturday was a celebration of Nupe cultural heritage and not any form of coronation as being insinuated from some quarters.
Ndashite, who doubles as the chairman of the planning committee, said the aborted event was to project the Nupe spirit and culture as well as the rich history of the diversely composed Lokoja community and the peaceful and harmonious coexistence among her.
He expressed his displeasure over the aborted cultural event, noting that the union had expended so much on it, and urged the government to bring perpetrators to book. (NAN)
The Abia Sector Command of the Federal Road Safety Corps (FRSC) has confirmed the death of eight persons with two others injured in a road traffic crash that occurred along the Bende-Ohafia Road.
A statement by the Sector Commander, Mrs Ngozi Ezeoma, on Monday in Umuahia said that the crash occurred on Sunday along the Mmuri River axis of the road in Ohafia Local Government Area of the state.
She said the crash involved a Trailer carrying chippings which hit and fell on a Sharon Volkswagen vehicle with 10 persons on board.
“At the time of the crash eight persons had died including a woman standing by the roadside and three were injured.
“The injured victims were taken to the hospital while the dead ones were deposited at the morgue,” she said.
Ezeoma said that preliminary investigation revealed that the crash was caused by dangerous driving and excessive speeding. (NAN)
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