Capital Alliance Private Equity IV, a private equity fund sponsored by African Capital Alliance Limited, has sold 691,958,007 units of Aradel Holdings Plc worth N387.1 billion.
Disclosed in a filing signed by Aradel’s Company Secretary, Titi Omisore, the transaction stands out as one of the largest secondary sales in Nigeria’s energy sector.
According to the disclosure, the shares were sold at N559.5 per unit, marking the full divestment of the 15.9% stake previously held by the fund.
The deal was executed on September 25, 2025, on the Nigerian Exchange (NGX) under the transaction code NGARADEL0004.
- CardinalStone Partners Limited acted as exclusive financial adviser, CardinalStone Securities Limited as stockbroker, while Aluko & Oyebode served as legal adviser to CAPE IV.
On the same day, Petrolin Ocean Limited, also a substantial shareholder of the company, purchased 173,793,774 units of Aradel at N555 per share in a deal worth N96.45 billion.
The trade was executed on the NGX under the same code, NGARADEL0004, with Petrolin likely taking only part of CAPE IV’s divested stake, while the remainder was left on the block for other investors.
Market trend:
Capital Alliance’s divestment follows Aradel’s successful listing on the Nigerian Exchange (NGX) in October 2024, marking an exit after guiding it from private ownership to a public listing.
Aradel Holdings Plc raised approximately N3.05 trillion by introduction on the Nigerian Exchange (NGX), offering 4.35 billion shares in the process.
Despite this strong debut, the company has recorded a year-to-date performance of negative 6% on the Nigerian stock market so far in 2025, reflecting the broader bearish trend in the NGX Oil and Gas Index, which is down about 9%.
Aradel opened the year at N598 but slipped to N500 by the end of March, with losses extending into April when it fell further to N448.
- However, in May, the stock staged a strong rebound, gaining over 18% to close the month at N530.
- Despite subsequent declines in June and August, the stock has managed to hold above N500 and was trading at N560 as of September 25, 2025.
Much of May’s recovery was likely driven by a solid first-quarter result, where Aradel reported a 70.08% surge in pretax profit to N67.1 billion, up from N39.4 billion in Q1 2024.
Performance:
After a strong first quarter, the company went on to report a pretax profit of N124.1 billion in the second quarter of 2025, bringing half-year profit to N191.3 billion, a notable 17.89% increase.
This growth was driven by higher revenue, with sales rising to N368 billion in the first half of the year, reflecting a 37.18% jump compared to the same period in 2024.
A breakdown of the half-year revenue shows:
- Crude oil sales contributed the largest share at N232.7 billion (63.2%),
- Refined products generated N116.4 billion,
- Gas sales accounted for N18.8 billion.
Aradel’s balance sheet also remains strong, with total assets increasing to N1.8 trillion, up 3.48%. Retained earnings stood at N444.1 billion, compared to N395.2 billion as of December 2024.
