Nume EkegheA consortium led by Stanbic IBTC Capital Limited, Stanbic IBTC Bank Limited, and Standard Bank of South Africa has reached financial close on a $250 million strategic financing facility for Aradel Energy Limited, marking a major boost to the indigenous energy company’s expansion plans. Aradel Energy is a wholly owned subsidiary of Aradel Holdings Plc and the operator of the Ogbele and Omerelu onshore marginal fields, as well as OPL 227 in shallow water terrain. Before the transaction, Aradel Energy held a 41.67per cent equity interest in ND Western. Renaissance is the operator of the Renaissance Joint Venture and a 30per cent owner of one of Nigeria’s largest and most strategic energy portfolios. Standard Bank acted as Global Coordinator and Bookrunner, leading the structuring, execution, and funding of the facility.