Nigerian multimillionaire Ladi Jadesimi pockets $470,000 Aradel Holdings dividend

Feyisayo Ajayi -

Nigerian multimillionaire Ladi Jadesimi has received a NGN 364.2 million ($470,907) dividend from his stake in Aradel Holdings, a fully integrated energy group with interests in multiple oil, gas, and clean energy assets in Nigeria.

Jadesimi, 81, is the chairman of Aradel Holdings.

Earlier in August, Aradel Holdings, which is listed on the National Association of Securities Dealers (NASD) Exchange and the FMDQ, disclosed in a notice to the NSD Over-the-Counter (OTC) Securities Exchange that it planned to pay N35.00 ($0.045) in dividends to new and existing shareholders for the 2023 financial year, bringing the total dividend to NGN7.6 billion ($9.8 million). The company has 217.2 million outstanding shares.

On Tuesday, during its 28th Annual General Meeting in Lagos, which was attended by shareholders, regulators, and company directors, amongst other stakeholders, shareholders approved the dividend.

Through one of his companies, Badagry Creek Fze, Jadesimi owns 10,407,055 shares in Aradel Holdings Plc, which translates to a 4.79-percent stake, making him one of the Company’s largest shareholders. As of Thursday, his shares are currently valued at NGN4.7 billion ($6 million).

Aradel recorded significant growth in key financial metrics, with a revenue increase of 28.2 percent to N66 billion ($85.3 million) from N52 billion ($67.2 million) year-on-year. Profit before tax grew by 64.8 percent to N33 billion ($42.6 million) from N20 billion ($25.8 million) in 2021.

Aradel Holdings Plc (formerly known as Niger Delta Exploration & Production Plc) is a fully integrated energy company in Nigeria with interests in multiple oil and gas-producing assets. Aradel also owns a modular refinery.

The company was incorporated on March 25, 1992 (as the Midas Drilling Fund) and changed its name to Niger Delta Exploration and Production Plc in November 1996.

It assumed its current name, Aradel Holdings, in May 2023. The company’s shares are traded on the NASD OTC Securities Exchange under the ticker symbol, “SDARADEL.”

Jadesimi is the founder of Lagos Deep Offshore Logistics Base, a privately owned logistics and engineering facility in the Port of Lagos, Nigeria.