Fola Adeola Divests N10.9bn in Aradel Holdings Shares

The co-founder of Guaranty Trust Bank, Fola Adeola, has sold 18,250,000 units of shares in Aradel Holdings valued at N10.9bn.

In a notice filed on the Nigeria Exchange Limited recently, the transaction, which took place on December 31, 2024, was executed at a price of N598.50 per share.

Aradel is an integrated energy company with operations spanning upstream, midstream, downstream, power, and renewables.

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Adeola, a shareholder in Aradel Holdings, holds over five per cent of the company. The sale was conducted on the Nigerian Exchange Limited and marks a divestment from the company, reflecting a key financial move by the businessman.

Also, Aradel Holdings Plc has entered into an agreement to acquire a 5.14 per cent equity interest in Chappal Energies Mauritius Limited, an energy company focusing on investments in deep value and brownfield upstream opportunities within Africa.