Business
Aradel’s annual profit surges 192% as ND Western, Renaissance Africa’s acquisitions lift earnings
Energy company Aradel Holdings saw its net profit for 2025 increase by 192.3 per cent, compared to what it reported a year earlier, according to its latest audited report, taking its profit after tax to the peak level ever.
The remarkable improvement rested on the ₦393.2 billion translation gain it earned from the business combination it executed last year after acquiring a majority stake in ND Western, an oil drilling firm in which it previously held a non-controlling interest.
Towards the end of 2025, Aradel procured a 40 per cent stake in ND Western in a transaction that took its shareholding in the entity to 81.7 per cent.
The deal involving ND Western, being one of the companies under Renaissance Energy Holdings, raised Aradel’s stake in the latter from 33.3 per cent to 53.3 per cent, making it its majority owner.
Revenue for the period under review grew by 20.4 per cent to ₦699.4 billion, driven by crude oil exports and the sale of refined products.
Operating profit, which was up by 151.7 per cent, derived strength from the ₦217.1 billion earned as a bargain purchase from acquiring the additional stake in ND Western at a cheaper amount than its fair market value.
Share of profit from associate company stood at ₦109.5 billion, compared to ₦31.6 billion a year ago.
However, the company incurred ₦106.3 billion in fair value loss on step acquisition as a result of legacy expenses in respect of the write-down of a carrying amount from the ND Western asset acquisition.
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Profit before taxation climbed by 163.6 per cent, while profit after tax jumped to ₦757.3 billion from ₦259.1 billion.
“Our focus in 2026 is on consolidating our expanded portfolio to enhance operational scale, improve efficiency across our assets, increase production and further diversify our revenue base anchored on our long-term ambition to grow the Group’s production to support sustainable, long-term shareholder value,” Adegbite Falade, the CEO, said.
“Reflecting the strength of our performance and confidence in our outlook, the board is pleased to propose a final dividend of ₦23.0 (US$0.016) per share, taking the total 2025 distribution to ₦33.0 (US$0.024),” he added.
The ₦33 total dividend per share is 10 per cent higher than that of 2024 and is equivalent to a potential payout of ₦143.4 billion.
BY NKECHI NAECHE-ESEZOBOR—The new management of African Alliance Insurance Plc has promised sound solvency management and absolute transparency as the company officially returns to full business operations following a major regulatory restructuring.
Speaking recently in Lagos, the newly appointed Managing Director and Chief Executive Officer, Mr. Ayobami Olakunle Ogunkeye, stressed that the pioneer indigenous life underwriting firm has pledged to uphold the highest standards of accountability and customer-centric service.
According to Ogunkeye, a seasoned turnaround expert, the company’s revival strategy is built directly upon these promises to ensure long-term viability and safeguard the interests of all policyholders.
The company’s renewed assurances follow a decisive regulatory intervention by the National Insurance Commission (NAICOM), which began in October 2024.
Prompted by severe liquidity pressures, operational disruptions, and a substantial backlog of unpaid claims, NAICOM had appointed an Interim Management Board to stabilize the 66-year-old institution.
During the intervention, the interim board successfully cleared over 75 percent of the company’s accumulated legacy liabilities.
Critical capital was unlocked through the competitive sale of a 49 percent stake in PAL Pensions, while trapped dividend funds were secured to clear up to 15 months of annuity arrears.
Additionally, the team transparently transferred the firm’s admitted annuity portfolio to an underwriting institution to secure uninterrupted payments for beneficiaries, upgraded internal ICT infrastructure, and completed vital forensic and actuarial reviews.
With these corrective milestones achieved, NAICOM Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, formally certified the company fit to resume full operations and officially handed control over to a newly constituted board and management team.
Although independent operations have resumed, African Alliance will remain under active regulatory oversight to monitor its ongoing recapitalization progress and solvency compliance closely.
The newly formed leadership structure is headed by Board Chairman Rear Admiral Anthony Odogba Isa. Joining him on the board are Andrew Ubochi as Executive Director, Technical, alongside non-executive directors Chief Boniface Chinedu Moore (SAN), High Chief Olabode Akeem Mustapha, Ataraire Gideon, and Harrison Ogalagu.
Addressing the firm’s diverse stakeholders, Ogunkeye stated that the lessons learned during the recent period of hardship have deeply reinforced the company’s resolve to develop appropriate corporate governance structure
He assured existing policyholders that their trust would be honoured without compromise, while inviting prospective clients to approach the revitalized insurer with full confidence in its financial positioning and operational capacity.
The post Reborn @ 66: African Alliance Insurance Promises Absolute Transparency and Solvency appeared first on Business Today NG.
The Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has warned members of the public against spreading or relying on false information regarding its ongoing recruitment exercise.
In a public notice signed by Okeh Juliet, head of press and public relations for the Secretary to the Board, the CDCFIB said that false information about the recruitment exercise was being circulated across various channels, particularly on social media platforms.
The Board said the misleading messages could create confusion and undermine the aspirations of genuine applicants seeking opportunities through the recruitment process.
“The public is advised to exercise caution and verify all information online. Misleading messages concerning the ongoing recruitment exercise are disruptive and capable of undermining the aspirations of genuine applicants,” the notice stated.
CDCFIB warned that it would take necessary measures to identify and prosecute individuals or groups responsible for creating and disseminating false information about the exercise.
According to the Board, the spread of unauthorised and misleading information constitutes a criminal offence punishable under existing laws.
“The Board is taking all necessary steps to identify and prosecute individuals or groups responsible for creating and disseminating false information,” it said.
It added that, “The spread of unauthorised and misleading information is a criminal offence. Offenders will be brought to book and sanctioned in accordance with extant laws.”
The Board described the notice as a final warning to social media users and account holders who spread false claims about the recruitment exercise.
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It also noted that it is collaborating with relevant security and law enforcement agencies to monitor and address cases of misinformation.
“This serves as a final warning to all social media users and account holders involved in propagating falsehoods relating to the ongoing recruitment exercise,” the Board noted.
Applicants and stakeholders were advised to rely only on the Board’s official recruitment portal and verified communication channels for updates regarding the exercise.
“Applicants and stakeholders are strongly advised to rely ONLY on the official CDCFIB recruitment portal and verified Board communication channels for authentic updates,” the notice added.
The Board also appealed to members of the public to report suspicious content and refrain from sharing unverified information.
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