· Out to help ordinary people acquire shares in oil company
By Helen Chimezie
In a bid to intimate stakeholders in the Niger Delta of the change in business name and to have a homecoming unveiling of the brand, Aradel Holdings Plc, formerly known as the Niger Delta Exploration & Production Plc (NDEP), held a town hall meeting in Port Harcourt on August 31, 2023.
Speaking at the event, the Managing Director and Chief Executive Officer of Aradel Holdings, Gbite Falade, noted that the change of business name was necessitated because time has come to move to a phase that requires the name to be changed.
He narrated that when the company started, part of the dream that our founding fathers was that every regular person, from the man that is selling suya, to the woman selling tomatoes, can own part of an oil company and be a key player.
“Today as a company, we are not listed yet, so you do not find us on the Stock Exchange, even though we have traded on the NASD which is the alternative exchange. Our total shareholders today is probably about one thousand, seven hundred people,” stated.
Speaking on the sideline, he revealed that: “We are changing the name for many good reasons. First, is because we have come to a point in our journey that our footprints and operations are transcending beyond one physical and single geographical location.
“And so we needed a name that is neutral, and that allows us access to different jurisdiction and different areas without holding us back.
“We have enjoyed the name that we have had, but we have grown to a point where we need to repackage that name for further reach.
“Secondly, as part of the energy transition narrative, companies are deliberately changing their names in order to reflect the transition narrative. And that is why you would find a Total Exploration & Production Plc becoming Total Energies, and a Seplat Exploration & Production, becoming Seplat Energies.”
He also disclosed that Aradel is on a journey to becoming a listed company that will afford every Nigerian from every walk of life, the opportunity to be a proud equity owner of an upstream company.
He further stated that “it is only the name that has changed, the values, the DNA, and the tradition of the company has not changed. If anything, we are deepening it, and we are scaling up.”
In his goodwill message, His Imperial Majesty, Eze Kelvin Anugwo said; “We are here to celebrate another milestone of the company. The company has proven itself to do what we go to bring expatriates for.”
He commended the Aradel in the area of good community relations practice, and prayed that the company grows to the level of becoming an International Oil Company (IOC).
Eze Kelvin further called for community assistance, while assuring the company that the Ekpeye ethnic nation is solidly behind them.
Also giving a goodwill message, the Rivers State Commissioner for Chieftaincy and Community Affairs, Engineer Charles Amadi, stated that the name Aradel is a baptismal name. “We have baptized today NDEP to Aradel.”
Speaking further, he said based on government records, Aradel Holdings has performed very high, more than the multinational companies.
He therefore pledged the continuous support of the government, while urging the company to do better even in their new name.
Speed to be added, CTO:
Earlier speaking, the Chief Technical Officer, Dr Ebenezer Ageh, in his welcome address said the name ‘Aradel’ symbolizes a new direction that the company is embarking upon, and a point of reflection where speed will be added, to take the company to the next level.
He revealed that “Aradel in itself is not just a name, but the creation of the stories that brought us together to the point where we are now. The name fuses together our rich heritage of the past, and a future we hope to create.
The name he noted is an acronym derived from the company’s core value system, and can be interpreted from two verticals.
For the first vertical, “The A stands for Accountability, the R for Resilience, the second A for Adaptability, the D for Diversity, the E for Excellence, and the L for Leadership.
For the second, “Aradel can be bifurcated into two. The ‘ARA’ in Aradel is coined to deliberately recognize the founding father Aret Adams. While the ‘DEL’ in Aradel speaks of our unflinching pride in the place where we started our journey from in the Niger Delta.”
The Community Affairs Manager, Patrick Ekong while giving the vote of thanks thanked all the stakeholders who attended the event, and further reassured them of the Management’s continued commitment in strengthening stakeholder relations, as well as business performance for the year ahead.
Aradel Holdings Plc is the foremost fully, integrated energy Company in Nigeria with interests in multiple oil and gas assets, and real estate. The Company’s business is integrated across the value chain of the oil and gas industry as well as the power and renewables sector. The integrated business of the Company enables it to efficiently manage resources, optimise operations and deliver value to its stakeholders. The Company recognizes the evolution in the global energy landscape and is actively participating in the energy transition agenda in Nigeria.
The Company was incorporated on March 25, 1992, originally as the Midas Drilling Fund, and changed its name to Niger Delta Exploration and Production Plc in November 1996. It assumed its current name in May 2023.