NDEP unveils Aradel Holdings Plc as new name

By Akinyemi Precious

The Niger Delta Exploration and Production has Unveiled its new name and now bears Aradel Holdings.

This was revealed at its Unveiling which took place at Eko Hotels and Suites, Lagos State on Friday.

The new name was influenced by the heritage,founder’s legacy and the future Industry path with reference to Founding father Aret Adams and Niger Delta, the foundation of the company.

According to the management, the decision to change the Company’s name underscores the commitment to repositioning the company as a leading African company, dedicated to providing sustainable energy solutions that drive economic growth now and in the foreseeable future.

“Over the years, our business has evolved significantly, and we have successfully expanded our presence across the entire value chain of the oil and gas industry, including renewable energy.

“The new brand, Aradel Holdings Plc, not only represents our present endeavours but also encompasses our future aspirations.”

Through its new brand identity, NDEP aims to better reflect its current, future portfolio, and its long-term strategy to become the leading African company delivering sustainable energy solutions that support economic growth.

Also, it is a part of the strategic rebranding initiative aimed at better reflecting the Company’s current portfolio and positioning it for future growth.

The firm was Incorporated in March 25th, 1992 originally as the Midas Drilling Fund before assuming the name Niger Delta Exploration and Production Plc (NDEP)  in November 1996.

This marks a significant milestone in the company’s 30-year history of accountability, resilience, adaptability, diversity, excellence, and leadership.

NDEP is a fully integrated energy group with interests in multiple oil and gas assets and its business across the upstream, midstream and downstream value chain of the oil and gas industry.

While speaking at the event, the Chief Executive Officer, Aradel Holdings Plc, Adegbite Falade who quoted Abraham Lincoln and Eleanor Roosevelt emphasised that the best way to predict the future is to create it and that the future belongs to those who believe in the beauty of their dreams made it known that Aradel Holdings had many transformations to offer.

He noted that Aradel Holdings Plc plans to be the first privately owned modular refinery in the refining of PMS as well as many other expansions to be made.

“Our consistent growth is attributable to our Innovation and adaptability which continue to propel us as industry pioneers who consistently deliver value to our stakeholders.

“Our relentless pursuit of operational excellence, profitability, cutting edge technologies, strategic partnerships, and unwavering safety standards ensure that we consistently surpass expectations.

“Together, let us fuel growth, foster collaboration, and lead the way toward a sustainable energy future.”

However,the Chairman of Aradel Holdings, Ladi Jadesimi traced the history of the firm, noting that it had operated in the past three decades and pioneered several initiatives, including marginal field operations, one of which is the Okpele Field, which it has grown the daily production from about 1,000 barrels of crude oil per day to 13,000 barrels.

The company is also a fully integrated oil and gas company, and also pioneered modular refinery initiatives with the first train of 1,000 barrels per day, which has since expanded to 11,000 barrels per day.

Speaking virtually at the ceremony marking the rebranding of the Niger Delta Exploration and Production, NDEP, into Aradel Holdings, the Executive Secretary, Nigerian Content Development and Monitoring Board,Simbi Wabote has said that Indigenous Oil and Gas companies must instill principles of corporate governance in their operations if they are to grow and achieve sustainability.

He lauded the management of Aradel Holdings for setting high standards of corporate governance.

“One of the incredible things the Chairman, Ladi Jadesimi; the former Managing Director,  Layi Fatona and their team have done is instilling the spirit of corporate government, that is why the company is succeeding the owners of the business are not contractors; they do not engage contractors and they do not engage in round tripping, that has led to their success,”he said.

Speaking further, Wabote described Aradel Holdings as a good example, noting that they have made significant returns to their joint venture partners.

“They are one of the local companies that NNPC Limited is proud to associate with. NCDMD is also proud of their success and we will continue to support them,” he assured.

Dwelling on local content development, Wabote challenged Aradel Holdings to champion the development of local content, stressing that the implementation of the Nigerian Content initiative and the Nigerian Oil and Gas Industry Content Development, NOGICD, Act enabled indigenous producers to exist and thrive.

He insisted that it is the responsibility of Aradel Holdings and other local producers to support local content, protect and enhance it, with a view to creating jobs, growing technology, and developing the nation’s natural resources.