Ardova buys Enyo, becomes Nigeria’s largest publicly listed indigenous downstream firm

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).