Aradel refinery chief Temitayo Ogunbanjo sells $3.3 million stake as shares slide 37%

Nigerian energy executive Temitayo Ogunbanjo, who oversees the refining business of Aradel Holdings Plc, has sold 3.53 million shares in the energy company for N4.53 billion ($3.3 million), according to a regulatory filing disclosing an insider transaction. The filing, dated July 2, showed Ogunbanjo, Aradel’s general manager for refinery operations, sold 3,530,061 shares at N1,282.50 apiece in transactions completed on June 29 and June 30.

Based on the disclosed price, the shares were worth about N4.53 billion ($3.3 million). The filing did not disclose the reason for the sale or whether it changed Ogunbanjo’s overall stake in the company. The transaction comes as Aradel’s shares have retreated despite a marked improvement in the company’s financial performance. The stock has fallen about 37 percent in less than two months, reducing the company’s market cap to $4 billion. 

Aradel rewards shareholders following massive growth

Even as its shares have come under pressure, Aradel has continued to deliver stronger earnings and higher cash returns to shareholders. The board has proposed a final dividend of N23 ($0.016) per share for the 2025 financial year, amounting to N99.93 billion ($73.4 million). Combined with the interim dividend of N10 ($0.0073) per share paid earlier, the total shareholder payout would reach N143.4 billion, subject to shareholder approval.

The company’s annual results underline that improvement. For the year ended Dec. 31, 2025, Aradel reported profit after tax of N757.3 billion ($555.7 million), compared with N259.1 billion ($190.1 million) a year earlier. The stronger performance continued into 2026, when the company reported its first full quarter reflecting recently acquired upstream assets under its expanded business structure.

For the three months ended March 31, profit after tax rose 252 percent to N120.3 billion ($90 million), up from N34.2 billion in the same period a year earlier. Revenue increased 265 percent to N728.5 billion ($533.2 million), supported by higher production and the consolidation of ND Western and Aradel’s majority interest in Renaissance Africa Energy Company.

Two decades of oil leadership combined

Ogunbanjo has led Aradel’s refinery business since joining the company in September 2021. He brings more than 20 years of experience across finance and the downstream oil and gas industry, covering general management, corporate strategy, finance, project advisory, operations, and supply chain management.

Before joining Aradel, he served as managing director of Levene Trading Limited and Integrated Oil & Gas Limited. He also held senior roles at Oando, including chief marketing officer at Oando Supply & Trading and head of strategy, planning, and business reengineering at Oando Marketing Plc.

He earned a bachelor’s degree in economics from Obafemi Awolowo University and an MBA from Cardiff Business School. Ogunbanjo has also completed executive education programs at Cambridge Judge Business School and Harvard Business School. He is a member of the Institute of Directors Nigeria and the Energy Institute in the United Kingdom.