[REVEALED] Aradel’s Stakes in Renaissance and Chappal Energies Cost N56bn

Aradel Holdings, a Nigerian oil company, spent a total of N56.2 billion to acquire stakes in Renaissance Africa Energy Holdings, which bought Shell’s Nigerian onshore business, and Chappal Energies Mauritius Limited.

The company said in its half-year earnings release that cash-financed investment in Renaissance amounted to N21.3 billion, while N34.9 billion was spent to acquire 6.01 percent equity stake in Chappal Energies.

Aradel holds a total equity stake of 33.3%, comprising 12.5% direct stake and 20.8% through its affiliate ND Western, in Renaissance, a consortium that includes FIRST E&P, Waltersmith and Petrolin.