Photo caption: Chairman, NGX Group, Alhaji (Dr.) Umaru Kwairanga (middle); presenting the symbolic closing gong to the Chairman, Aradel Holdings Plc, Ladi Jadesimi, during the Facts Behind the Listing presntation and Closing Gong Ceremony to commemorate the listing of Aradel Holdings on NGX Monday in Lagos. Theyare flanked by Chief Executive Officer, Nigerian Exchange Limited (NGX), Jude Chiemeka (left); Group Managing Director/CEO, NGX Group, Temi Popoola (second left); and and Managing Director/CEO, Aradel Holdings Plc, Adegbite Falade (right).
The share price of Aradel Holdings Plc rose 4.8% minutes before 12 noon, almost two hours after Tuesday’s trading opened on the Nigerian Exchange Limited. The company listed at N702.69 per share was up by N37.10 each.
A total of 4.34bn shares of the integrated energy company were admitted on the NGX Main Board on Monday, 14 October 2024 by way of Introduction, boosting the market capitalization by N3.05bn, marking a significant milestone in the oil and gas sector’s participation in the stock market.
Aradel Holdings Plc, a major player in Nigeria’s oil and gas industry, operates across the entire oil and gas value chain, with business interests in the exploration, production, and refining of petroleum products.
The listing, the NGX said in a statement offers investors the opportunity to engage with one of Nigeria’s most diversified energy companies, positioning it as a key entity on the Exchange.
At the Facts Behind the Listing also on Monday, senior executives of the group presented its growth strategy and financial performance to investors and stakeholders.
Ladi Jadesimi, Chairman of the company highlighted its focus on innovation and sustainability, noting that Aradel is poised to expand its footprint in the renewables space while maintaining its leadership in the oil and gas sector.
In his words, “the listing of Aradel Holdings on NGX represents a pivotal moment for us.
“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. This listing provides us with the platform to unlock further value for our shareholders,” he stressed.
Also, the Managing Director/Chief Executive Officer, Adegbite Falade said the listing “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. This listing is a testament to our resilience, adaptability, and our unwavering dedication to providing sustainable energy solutions that drive growth across our communities and industries.
“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 energized future,” he added.
Speaking, Alhaji (Dr.) Umaru Kwairanga, Chairman of Nigerian Exchange Group, highlighted the importance of the listing, noting that the “achievement is not just a win for Aradel, but also a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient, and full of opportunities. We are honored to facilitate capital raising for companies like Aradel that play a critical role in Nigeria’s economic progress.”
Temi Popoola, Group Managing Director and CEO of NGX Group, while emphasizing the broader significance of the listing for the upstream sub-sector of the oil and gas industry. It is especially crucial, he said, “in the light of its dire capital requirements and chronic under-investment.”
Aradel, he continued, “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.”
On his part, Jude Chiemeka, CEO of NGX, echoed similar sentiments, stressing the role of NGX in supporting corporate growth and innovation.
Aradel’s listing, he believes, “highlights NGX’s ability to support leading companies in their growth journey. This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market can fuel efficiency and development in critical industries.”
Aradel Holdings Plc’s successful listing on NGX is expected to positions it to leverage the capital market for future growth, allowing the company to expand its operations and cement its role as a dominant player in both traditional and renewable energy sectors.
