Nigerian Oil Company Makes History, Becomes Largest Listing Firm by Introduction on Ngx
- Aradel lists 4.34 billion common shares at a price of N0.50 each to mark its debut on the Nigerian Exchange
- The company said the price of each share will be N702.69, making it the largest listing by introduction in the history of the NGX
- Investment company Chapel Hill Denham announced that it is serving as the official adviser to Aradel Holdings Plc
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
On October 14, 2024, a Nigerian energy company, Aradel Holdings, made its debut on the Nigerian Exchange by listing 4.34 billion common shares at a value of N0.50 each.
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The company said in a statement that its shares will be offered at N702.69 a share, which would be the largest listing by introduction in the NGX's history.
Chapel Hill Denham, an investment firm, said it is acting as Aradel Holdings Plc's official adviser.
Aradel will be positioned among the leading companies in Nigeria's capital market, according to Chapel Hill Denham, making it eligible for listing in the NGX 30 Index and the NGX Oil and Gas Index.
Adegbite Falade, the managing director and chief executive officer of Aradel Holdings Plc, referred to the occasion as a historic milestone.
“Monday, October 14, 2024, will mark a defining moment for Aradel as we list on the NGX. This underscores our dedication to creating long-term value for our shareholders and our commitment to Nigeria’s economic growth through sustainable energy solutions,” Falade stated.
Bolaji Balogun, the CEO of Chapel Hill Denham, said he was proud to have advised Aradel on this historic deal.
“This landmark listing highlights the strength of Aradel Holdings and marks a major milestone for Nigeria’s capital markets.
“We thank the Securities and Exchange Commission (SEC), NGX, NASD, CSCS, and their leadership for their partnership in making this possible,” Balogun said.
Aradel's listing is anticipated to strengthen its standing as a major force in the energy industry, enhancing investor trust in the Nigerian capital market and adding to the country's economic landscape.
Aradel holdings' modular refinery prepares to refine petrol
Legit.ng reported that Adegbite Falade, the managing director and chief executive officer of Aradel Holdings, announced that the company would begin to refine premium motor spirit within a year during its rebranding and 30th anniversary.
Falade said the action is consistent with the company's commitment to the diversification of the Nigerian economy and the development of local content.
This is after Aliko Dangote finally opened Africa's largest refinery, which can refine 650,000 barrels of crude oil daily. Read more on the 19 major facts about Dangote Refinery you should know.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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