Ardova enters acquisition talks with Enyo as part of expansion drive  

By Charles Abuede

Ardova Plc, the successor company of the former Forte Oil, has disclosed that it is in talks with Enyo Retail and Supply Limited with a view to acquiring it.

Enyo is regarded as one of the newest and fastest growing retail and supply firms in the Nigerian downstream oil and gas sector.

In a regulatory disclosure sent to the Nigerian Stock Exchange, Ardova explained that it is position for the acquisition in a bid to leverage the strength and customer base of Enyo.

The statement by Ardova, one of the country’s leading integrated energy company,signed by Oladeinde Nelson-Cole,the company’s general counsel, asserted that the announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, and subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.

Olumide Adeosun, the chief executive officer of Ardova Plc, is quoted in the statement as stating that immediately after the transaction completion, the company will look to retain the Enyo branded stations to operate side by side with the AP brand, whilst leveraging the strengths of AP and its group of companies.

Adeosun further revealed that both parties involved in the transaction are committed to concluding the deal by the end of the first quarter of 2021.

Currently, Enyo is a technologically driven player and operates in over 90 stations across Nigeria, attending to over 100,000 retail customers daily across 15 states of the country.

Both companies hinted that further updates on the progress regarding the transactions or proposed acquisition shall be provided in due course.