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
Kosmos Energy and partners start commercial operations at Mauritania-Senegal GTA LNG project
US-based oil and gas exploration and production (E&P) company Kosmos Energy has announced the start of commercial operations at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) ... more
South Africa’s power utility Eskom seeking ways to support Bitcoin mining, energy-intensive technologies
South Africa’s state-owned power utility Eskom is exploring opportunities to support Bitcoin mining, artificial intelligence (AI) development, and data centres to help its future ... more
EFCC arrests ex-NNPCL official and previous Warri managing director
Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested a former CFO of the Nigerian National Petroleum Co. Ltd (NNPCL), as well as a former managing director of 125,000 barrels per ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
10 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago