GTBank co-founder Fola Adeola to earn $4m Aradel dividend despite stake slump

Fola Adeola, the Nigerian businessman and banking executive who co-founded GTBank, is set to receive more than $4 million in dividends from Aradel Holdings Plc despite seeing about $131 million wiped off the market value of his investment as investors continue to take profits on the Nigerian Exchange (NGX).

Adeola, one of Aradel’s largest individual shareholders, is expected to receive N5.52 billion ($4.03 million) from the company’s proposed final dividend of N23 per share for the 2025 financial year. The payment forms part of Aradel’s proposed N99.93 billion ($73.4 million) final dividend distribution to shareholders.

The payout comes even as the value of his 5.52 percent stake has fallen sharply following a sustained correction in Aradel’s share price.

On May 4, Adeola’s investment was worth N485.8 billion ($354.1 million) after Aradel’s shares surged by 177 percent, making it one of the Nigerian stock market’s best-performing stocks. Since then, the shares have declined by about 37 percent as investors locked in profits, reducing the value of his holding by N179.6 billion ($130.9 million) to N306.2 billion ($223.2 million) at the time of this report.

The decline reflects a broader selloff across the Nigerian equity market, where investors have been taking profits after months of strong gains.

Market participants say institutional investors have been rebalancing their portfolios ahead of the expected listing of Dangote Refinery later this year, triggering widespread selling in several of the exchange’s largest companies.

The shift has also dragged down the broader market. The NGX All-Share Index’s year-to-date return has slipped below 50 percent for the first time in 2026 after peaking above 60 percent in May. It is the first time since April 30 that the benchmark has traded below the 50-percent return mark, underscoring the scale of the recent market pullback.

Despite the erosion in the paper value of his investment, Adeola’s dividend income from Aradel continues to grow.

Earlier this year, he received an interim dividend of N2.4 billion ($1.76 million) after the company declared an interim payout of N10 per share, representing a total distribution of N43.45 billion ($31.9 million).

Combined with the proposed final dividend, Adeola’s total dividend income from Aradel for the 2025 financial year will reach N7.92 billion ($5.82 million).

The payout follows Aradel’s strongest financial performance on record.

The integrated energy producer declared a total dividend of N33 per share for 2025, translating to a combined shareholder distribution of N143.4 billion ($105.3 million).

The record payout was supported by higher crude oil production, stronger operating performance and contributions from recently acquired assets.

For the year ended December 31, 2025, Aradel reported profit after tax of N757.3 billion ($555.7 million), nearly tripling from N259.1 billion ($190.1 million) recorded a year earlier, cementing its position as one of Nigeria’s most profitable listed energy companies.