Aradel Holdings Plc is set to deliver its largest cash dividend since listing on the Nigerian Exchange in October 2024. The integrated energy firm’s board has recommended a final dividend of ₦23 per share for the financial year ended December 2025. Combined with the ₦10 interim dividend paid earlier in 2025, the total payout for the year climbs to ₦33 per share.
Shareholders will vote on the proposal at the company’s 31st annual general meeting, scheduled to hold virtually on July 30, 2026. The AGM notice, filed with the Nigerian Exchange on July 1, also outlines sweeping board changes and an auditor switch. The question for investors now is whether the record earnings behind this payout can carry into 2026 and beyond.
Aradel’s ₦23 final dividend brings total 2025 payout to ₦33 per share
The final dividend of ₦23 per share amounts to approximately ₦99.93 billion and requires shareholder approval at the upcoming virtual AGM. Shareholders whose names appear on the register of members by the close of business on July 9, 2026, will qualify for the payout. The register of members will close on July 10 to allow the registrar, Coronation Registrars Limited, to prepare for payment. If approved, the dividend will be credited directly into eligible shareholders’ bank accounts on July 30, 2026, the AGM notice confirmed.
The total dividend of ₦33 per share represents a 26% increase in dollar terms over the prior year’s payout, BusinessDay reported. The proposed payout also reflects a comfortable payout ratio of roughly 19% relative to the company’s full-year earnings per share of ₦173.62. For shareholders who bought the stock at the beginning of 2026 at around ₦670, the ₦33 total dividend translates to a yield approaching 5%.
Record earnings and landmark acquisitions fueled Aradel’s 2025 results
Aradel’s revenue for fiscal 2025 climbed 20% to ₦699.4 billion from ₦581.2 billion in the prior year, the company’s audited filing on the Nigerian Exchange showed. Profit after tax surged 192% to ₦757.3 billion from ₦259.1 billion, while earnings per share jumped to ₦173.62 from ₦59.35 in 2024. The company’s total assets expanded by a staggering 466% to ₦9.9 trillion, driven largely by the acquisition of an additional 40% stake in ND Western Limited.
That transaction raised Aradel’s effective ownership in Renaissance Africa Energy Company to 53.3%, significantly expanding the firm’s reserves and production capacity. Crude oil exports, which accounted for 63% of revenue, grew 18% to ₦440.1 billion on higher production volumes and improved evacuation logistics. Gas revenue jumped 72% to ₦48.6 billion as output from newly drilled wells lifted production volumes across the company’s asset portfolio, the company noted in its results.
“2025 was a defining year as we continued to strengthen our position as an integrated energy operating platform. We delivered record revenue and profitability, while executing the most transformational strategic expansion in our history.” — Adegbite Falade, CEO, Aradel Holdings Plc, in a statement filed on the Nigerian Exchange
However, a significant portion of the reported profit came from non-recurring accounting items rather than day-to-day operations. Roughly ₦610.29 billion, or 73.1% of the pre-tax profit, stemmed from a ₦217.1 billion gain on bargain purchase and a ₦393.2 billion foreign currency translation gain arising from business combinations, Nairametrics reported. The publication noted that the non-recurring gains also materially inflated the company’s retained earnings, which rose by ₦615.3 billion to ₦1.01 trillion.
Aradel shareholders face a packed AGM agenda beyond the dividend vote
The dividend is just one of seven resolutions across an eight-item agenda shareholders will consider at the virtual AGM on July 30, 2026. Four directors, including Chairman Osten Olorunsola and CEO Adegbite Falade, will stand for re-election after retiring by rotation under the company’s articles of association. Shareholders will also vote to ratify the appointment of four new board members, two of whom are over 70 years of age, the AGM notice disclosed.
Key resolutions at Aradel’s 31st AGM
- Final dividend of ₦23 per share for fiscal 2025, bringing the total to ₦33 per share
- Re-election of four directors retiring by rotation, including the chairman and CEO
- Ratification of four new non-executive director appointments, including two independent directors
- Replacement of Deloitte & Touche with KPMG Professional Services as external auditor for fiscal 2026
- Approval of severance benefit packages for non-executive directors retiring from the board
- Election of three shareholder representatives to the statutory audit committee
The proposed switch from Deloitte & Touche to KPMG Professional Services as external auditor marks a notable governance change for Aradel. Nigeria’s mandatory auditor rotation rules require public interest entities to change their external auditors after a maximum tenure of 10 years, Nairametrics reported. Deloitte has served as Aradel’s auditor since the company was known as Niger Delta Exploration and Production Plc, and KPMG will take over beginning with fiscal 2026 results.
What Aradel’s 2026 outlook means for investors collecting this dividend
Aradel’s stock has gained roughly 161% year-to-date, closing at ₦1,750 per share on its last trading session before the results release, BusinessDay reported. The company’s 52-week price range spans from ₦500 to a record high of ₦2,024, reflecting sustained investor confidence in its growth story. The real test for shareholders, however, begins when the full earnings contribution from ND Western and Renaissance flows through Aradel’s consolidated income statement in 2026.
Net cash from operating activities declined 42% to ₦179.7 billion in 2025 from ₦311.9 billion in the prior year, signaling that cash generation lagged behind reported profits. Falade indicated that Aradel’s 2026 priorities include integrating the expanded portfolio, improving operational efficiency, and increasing production across all business segments. If the company can convert its larger asset base into stronger recurring cash flows, the ₦33 per share dividend may prove sustainable.
