By Adewale Sanyaolu
Nigeria’s low in-country refining capacity is set to get a boost as a private investor has disclosed plans to establish a modular refinery within 12 months.
Managing Director and Chief Executive Officer, Aradel Holdings, Mr. Adegbite Falade, said the company’s modular refinery would start producing premium motor spirit (PMS) within 12 months.
The move, according to him, is in line with the company’s commitment to local content development and diversification of the Nigerian economy.
Adegbite disclosed this during the company’s rebranding and 30th anniversary of its incorporation held in Lagos.
Falade noted that the development was about the domestication of hydrocarbons and stimulating import substitution to contribute to the reduction of the pressure on the country’s foreign exchange (FX) earnings.
“Nigerians should expect a refinery that is going to be significantly larger in capacity,” he said.
He stressed that the company was driven by a steadfast commitment to deliver sustainable energy solutions that power economic growth, while preserving the environment with a legacy of expertise and a future-oriented mindset.
Previously known as Niger Delta Exploration and Production Plc (NDEP), the company rebranded to Aradel Holdings at its 30th anniversary, saying that the development became necessary to reflect its long-term strategy of becoming Africa’s leading organisation in the delivery of sustainable energy solutions that support economic growth.
He said the company will continue to be a resilient one that adapts and reinvents itself for the future while adding that it is focused on providing energy solutions and considers itself a critical part of energy security in the nation.
“The A stands for accountability, the R for resilience, the A for adaptability, the D for diversity, the E for excellence, and the L for leadership. Today is the future that was dreamt of 30 years ago and today, we start another dream that will become a reality,” he said.
As Nigeria’s fully integrated independent energy company, NDEP has been a significant player in the industry for decades and takes a long-term view of energy provision and the global energy transition.
The company steadily seeks oppourtunities to introduce technology that harnesses the abundant energy sources in Nigeria and Sub-Saharan Africa into an affordable and sustainable energy bouquet that promotes universal energy access.
The company’s decision to rebrand as Aradel Holdings is a strategic move that supports its vision aimed at consolidating its position as the leading company delivering sustainable energy solutions. The new brand is reflective of NDEP’s history and heritage as well as its future portfolio aspirations.
Earlier in his address, the Chairman of Aradel Holdings, Mr.Ladi Jadesimi, explained that the rebranding of NDEP is to better reflect its long-term strategy of becoming Africa’s leading organisation in the delivery of sustainable energy solutions that support economic growth. This is as as the company disclosed that it is making plans to list its shares on the floor of the Nigerian Exchange Limited (NGX).
Jadesimi noted further that the new brand identity signifies that the company has come of age as a fully integrated player in the energy business. Jaiyesimi stated that the present and future of any company in terms of prospects are more relevant than a glorious past or heritage.