Adegbite Falade, the Chief Executive Officer and Managing Director of Aradel Holdings Plc, has called for increased transparency among indigenous oil companies operating in Nigeria.
Falade made these remarks during the Sub-Sahara International Petroleum Exhibition and Conference held in Lagos.
Highlighting the issue of transparency within the local oil industry, Falade emphasized that many indigenous firms lack the necessary level of transparency, hindering their ability to access funds and inhibiting their growth potential.
He noted that Aradel Holdings itself has been traded on the National Association of Security Dealers (NASD) but is striving to be listed on the Nigerian Exchange Group (NGX) to enhance its transparency and access to capital.
According to Falade, Nigeria currently has only two and a half transparent energy companies, with Aradel being one of them.
He stressed that the opacity surrounding most oil businesses makes it challenging for them to attract financing and expand their operations.
Falade urged national oil companies to seriously consider listing on stock exchanges, citing the benefits of increased transparency and improved corporate governance that come with such a move.
He emphasized that being a listed company not only enhances credibility but also opens up avenues for financing from various institutions.
Falade reiterated the importance of transparency in the oil and gas sector, asserting that it is essential for indigenous companies to embrace transparency to attract investment and facilitate industry growth.
