Nigerian energy firm and petroleum distributor Ardova has completed the acquisition of rival Enyo Retail and Supply Limited, its board of directors said in a letter posted on Wednesday (November 17) by the Nigerian Exchange Limited.
Ardova, previously owned by billionaire Femi Otedola under the name Forte Oil, announced in January that it had brokered a deal with Enyo to acquire a 100% equity stake in the latter.
With the acquisition, Ardova will add 90 filling stations and about 100,000 customers to the 450 retail outlets it currently owns, making Ardova Nigeria’s largest indigenous publicly listed downstream company.
“The addition of Enyo to the Ardova group fits into our expansion strategy to have the widest retail reach in the Nigerian downstream sector,” Ardova chief executive Olumide Adeosun said in a statement.
“It also provides the platform to increase our non-fuel revenue through the sales of products such as AP and Shell branded lubricants, LPG and renewable energy solutions that will be channelled through the group-owned retail outlets.”
Ardova has significant storage facilities in Apapa, Lagos and Onne, Rivers State, and procures and distributes petrol, diesel, kerosene and liquefied petroleum gas (LPG).
Related Articles
Cassava launches Africa’s first telecom AI exchange linking OpenAI, Google and Anthropic
Cassava Technologies, a pan-African technology and telecoms infrastructure firm, has unveiled the Cassava AI Multi-Model Exchange (CAIMEx) — a platform designed to give African mobile-network ... more
Burkina Faso reaches IMF staff-level deal on ECF review and $122.7mn climate facility
The International Monetary Fund (IMF) and Burkina Faso have reached a staff-level agreement on economic and financial policies under the fourth review of the Extended Credit Facility (ECF) and a ... more
Nigeria seizes record 1-tonne cocaine shipment worth $15mn at Lagos’ Tin Can Port
Nigeria’s National Drug Law Enforcement Agency (NDLEA) has intercepted 1,000kg (1 tonne) of cocaine concealed inside a shipping container at Tin Can Island Port in Lagos, in what officials ... more