Ardova completes Enyo acquisition

Energy firm, Ardova PLC, has completed acquisition of rival Enyo Retail and Supply Limited, the board of directors said in a letter posted by the Nigerian Exchange Limited on Wednesday.

The completion comes almost eight months behind initial target and marks the second major deal in the mergers and acquisitions market of the Nigerian oil and gas industry in barely two weeks, following Rainoil’s announcement earlier this month of purchase of 61 per cent equity stake in Eterna Oil.

Ardova, previously owned by billionaire mogul Femi Otedola under the name Forte Oil, brokered a deal with Tunde Folawiyo-backed Enyo to acquire a 100 per cent equity stake in the latter, a January regulatory filing showed. The original plan was to consummate the deal by March.

The takeover has automatically transferred the 90 filling stations and about 100,000 customers maintained by Enyo’s former owner to the Ardova Group.

That will help Ardova, majority-owned by Abdulwasiu Sowami, extend spread beyond its currently owned over 450 retail outlets.