Fola Adeola, co-founder of Guaranty Trust Bank (GTBank), has sold 18.25 million shares in Aradel Holdings Plc, valued at approximately ₦10.9 billion. The transaction, disclosed in a regulatory filing to the Nigerian Exchange Limited, occurred on December 31, 2024, with each share priced at ₦598.50. Prior to this sale, Adeola held over 5% equity in Aradel.
Aradel Holdings, formerly known as Niger Delta Exploration & Production Plc, is a prominent energy company with substantial investments in oil and gas. The company has recently taken significant steps to strengthen its position in Nigeria’s energy sector, including plans to acquire a 5.14% stake in Chappal Energies Mauritius Limited, an investment vehicle focusing on high-value upstream energy projects across Africa.
In October 2024, Aradel Holdings listed 4.34 billion shares on the Nigerian Exchange at ₦702.69 per share, marking its transition from over a decade on the NASD OTC market. Following the listing, the company’s market capitalization experienced fluctuations, with a notable decline of approximately ₦845 billion within four days after the listing.
Despite these market movements, Aradel has reported strong financial performance, achieving a compound annual growth rate (CAGR) of 48.11% between 2019 and 2023. The company maintained its momentum in 2024, posting a 207% year-over-year revenue growth in the first nine months, reaching ₦377.58 billion.
Fola Adeola’s decision to divest a portion of his holdings in Aradel may indicate a strategic financial move, though no official reason has been provided. Adeola is also known for his contributions beyond banking, including founding FATE Foundation, an organization focused on supporting entrepreneurs, and serving as a member of the Commission for Africa.
