By Gideon Osaka
There are moments that stand out as defining chapters in a company’s history. The brand unveiling of Aradel Holdings, previously called Niger Delta Exploration & Production Plc. (NDEP), was one such chapter.
As the day unfolded, anticipation filled the air. The crème de la crème of the oil and gas industry in Nigeria arrived at the meticulously curated Eko Hotel, the entrance, adorned with intricate displays, each detail, from the well-designed centerpieces to the enchanting lighting, seemed to be crafted to reflect the brand’s core values.
The unveiling ceremony was not merely a visual spectacle; it was an immersive experience that engaged all the senses. Interactive displays, strategically placed around the venue, offered guests the chance to delve deeper into Aradel’s history, vision, and offerings. These displays transformed the event into an experiential journey.
The centerpiece of the event was undoubtedly the grand unveiling itself. As the curtains parted, an ethereal visual masterpiece was revealed – a fusion of tradition and modernity, intricately woven to symbolize Aradel’s journey. The gasps of wonder that resonated through the room were a testament to the impactful imagery that unfolded before our eyes, capturing the essence of the brand’s identity in a single, breathtaking moment.
An integrated indigenous energy company incorporated on the 25th of March 1992 originally as the Midas Drilling Fund the name of the company was changed to Niger Delta Exploration and Production Plc. in November 1996 and assumed its current name, Aradel Holdings in May 2023. With operations across the upstream, midstream and downstream segments of the Nigerian Oil & Gas Industry, the Company has an operating interest in four upstream assets all located within onshore and shallow water areas. Its flagship upstream asset, the Ogbele Field, is a fully integrated oil and gas-producing asset, comprising a crude oil processing facility, a gas processing plant and a modular refinery.
Highlight of the event was the speeches by visionary leaders who had contributed to the company’s journey. Their words painted a vivid picture of the brand’s future direction and unwavering commitment to excellence.
One of its pioneer founders referred to by operators of the industry as father of marginal field development in Nigeria is Dr. Layi Fatona. Fatona was the former Managing Director of NDEP. Giving his remarks at the unveiling and grand launching ceremony, he asserted, “Without saying too much, everybody has heard about late Chief Aret Adams. If he was in the audience today, he would be the star.”
“It wasn’t about whether we knew what we were doing. It was about the commitment that we thought we wanted to give Nigeria. And that commitment was hinged on the young workforce that the company had. I give thanks to all the staff of Niger Delta that is transiting to Aradel.”
Fatona recalled when a prominent Nigerian visited the field of operations of Niger Delta after seeing the feat and achievements of the indigenous company, asked if expatriates were working there. He was startled hence, “we have had the benefit of an incredibly totally Nigerian workforce.”
“I once remembered our mission to Bonny LNG which was to supply gas. The first question they asked was if the company is owned by the federal government of Nigeria. They wondered how an indigenous company will have the temerity to embark on such mission to Bonny LNG to supply gas.” But today, the story is different as Niger Delta is the only non-JV gas supplier to Bonny LNG
Another notable speech was that of the Board Chairman, Aradel Holdings, Chief Ladi Jadesimi. The NDEP, he said, has been a significant player in the industry for decades, stressing that the new brand identity reiterates the company’s commitment to innovation, growth, and sustainability and will continue to focus on exploration and production, as well as invest in renewable energy and other emerging technologies to further diversify its investment portfolio to ensure long-term strength.
Adams for gracing us with her presence at the #AradelUnveil event
“This is an important day for our company because it signifies our coming of age as a fully integrated player in the energy business, we are very aligned with the dynamic changes, opportunities, and challenges ahead of us and have a robust and well-articulated strategy to take advantage of the opportunities while managing the risks.
“A brand is only as valuable as the quality of goods and services associated with it. In cognizance of this fact, our brand will be a reference point in the industry both nationally and internationally. Our determination is to be the most successful and respected in the energy space in Nigeria.”
The speeches were met with a palpable sense of enthusiasm and admiration from the audience, reaffirming that Aradel was poised to reshape the industry landscape.
The evolution of Aradel
The word Aradel is an acronym of the company. The company is poised to accountability which stands for A. It is accountable to its shareholders, regulators and the community including all critical stakeholders. The R stands on resilience and how the company has weathered many storms in the course of doing business which is also a promise to a brighter future. The other A stands for adaptable, the company is able to adapt to reinvent itself in the midst of changing situations either on energy transition or macro-economic, it will continue to progress forward. The D stands for diversity and it represents various ethnic groups across the country from south to north even in the workforce, it enshrined diversity by promoting gender equality. The E stands for excellence which it continues to drive in the course of doing business. The letter L (Leadership) shows the deliberate intention to continue to play leadership role that the indigenous company is known for.
The word Aradel is also divided into two parts which forms essentially where the company emanated. The ARA is pronounced, coined and created deliberately in recognition of the founding fathers that brought the company to existence 31 years ago, Aret Adams, a former Group Managing Director of Nigerian National Petroleum Corporation (NNPC). The second aspect DEL, speaks about the unflinching pride where the company commenced its journey in the Niger Delta.
“Each time when we call Aradel, we are connecting the legacy laid down by Aret Adams, the place where we started from which is the delta region and the future aspiration of the company.” According to Managing Director and Chief Executive Officer (CEO) of Aradel Holdings, Mr Adegbite Falada, “As glorious as the past is, what is more important is the future.
“Today is the future that was dreamt 31 years ago, and today we start another dream that will become a reality 10 to 30 years in future.”
Creating the future as energy giant in Africa
At present, the company produces about 13,000 barrels of crude oil. In future, it will produce multiples of what it has been producing. Falada, said, the company’s modular refinery will start operations soon, describing local refining of crude into petroleum products as very essential for Nigeria.
“The biggest value that local refining does is that it provides employment for Nigerians, it helps us with import substitution and so because you are not committing your scarce forex to import fuel, you are able to conserve your forex and it eases the pressure on the naira.
“Those benefits outweigh the issue of pricing. We will price in cost reflective in some instances, it means we are selling for less than it would have sold for if it were imported.
“Personally, for me, it is emotional that I am holding the steering wheel at this point. So, it means a lot to me. It means a lot of recognition of what my colleagues and I do and a lot of trust for what we are charged to do going forward. So that is what it means for us.
“We are going to see a scale-up of what we are already doing today. Today, we are in the extraction and production of hydrocarbon resources oil and gas.
“Today we are into refined products, so we will refine and reticulate AGO, Kerosene, marine diesel oil, and so on.
“We are going to see an addition of PMS to this as an additional offering in terms of downstream products. Also in the near horizon, we are getting into the gas stream petrochemical industry. So we are going to see a lot more of what we currently do but responsibly scaling up.
“So, we are going to see more of that. One thing that is peculiar to us is that we are always pioneering, launching and determining what the next direction is. What you will see is a continuation and sustenance of that legacy.”
The chief executive officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, lauded Aradel for its great achievements in the industry.
Ahmed, represented by the executive director, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure, NMDPRA, Mr.Francis Alabo Ogare, also harped on local refining.
Ahmed said: “NMDPRA wishes to recognise the excellence set by NDEP Plc and all its subsidiaries in the upstream and midstream sector of the oil and gas operations in Nigeria over the last three decades. NMDPRA is fully aware of NDEP’s investment in the midstream sector, which is the authority’s purview comprising gas processing plant, transportation infrastructure and modular refinery.”
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, reiterated the importance of local content adherence by industry stakeholders.
He stated that, such would create employment for Nigerians. Wabote, who spoke virtually, also praised Aradel for its giant strides in the industry.
He said: “NDEP is being rebranded to Aradel Holdings Plc. I have followed the history of Aradel Plc In the past three decades, Aradel has pioneered several initiatives, in the oil and gas industry in Nigeria as an indigenous producer. It is on record that the company pioneered the concept of marginal field operations.
“It is one of the most integrated oil and gas companies in Nigeria as an indigenous producer. They are existing in upstream, midstream and downstream. The company pioneered modular refinery initiatives.
“Local content development which is gaining momentum in the entire African continent, should be supported, and enhanced in order to create jobs and enhance technology and develop our nature given resource which is oil.”