Nigeria: Ardova Completes Buy of Rival Enyo, Takes Over 90 New Filling Stations
Ardova, majority-owned by Abdulwasiu Sowami, is predicted to increase unfold past its at present owned over 450 stores.
Power agency Ardova PLC accomplished full buyout of rival Enyo Retail and Provide Restricted, the board of administrators stated in a letter posted by the Nigerian Trade Restricted on Wednesday, nearly eight months behind preliminary goal.
The acquisition marks the second main deal within the mergers and acquisitions market of the Nigerian oil and fuel business in exactly two weeks, following Rainoil’s announcement earlier this month of buy of 61 per cent fairness stake in Eterna Oil.
Ardova, beforehand owned by billionaire mogul Femi Otedola beneath the identify Forte Oil, brokered a take care of Tunde Folawiyo-backed Enyo to accumulate a 100 per cent fairness stake within the latter, a January regulatory submitting confirmed. The unique plan was to consummate the deal by March.
No point out is manufactured from the worth of the transaction within the be aware seen by PREMIUM TIMES however the takeover has robotically transferred the 90 filling stations and about 100,000 clients maintained by Enyo’s former proprietor to the Ardova Group.
That can assist Ardova, majority-owned by Abdulwasiu Sowami, lengthen unfold past its at present owned over 450 stores.
Enyo shall be run as a separate entity with Ardova because the father or mother firm, with consolidation not but in sight CEO Olumide Adeosun advised CNBC Africa final week.
Extra particulars shortly…