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Ardova making moves to acquire Enyo Retail


One of Nigeria’s retail and supply downstream oil firm, Enyo Retail, may soon be acquired by Ardova Plc, another major oil player.

The two companies have commenced discussions on the soon-to-made acquisition.

A statement signed by the acting Company Secretary/General Counsel, Oladeinde Nelson-Cole described Enyo as one of the newest and fastest-growing retail and supply companies in the downstream sector.

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

“This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.”

The Chief Executive Officer of AP, Mr Olumide Adeosun, said immediately following completion, AP would look to retain the Enyo-branded stations which would operate side by side with the AP brand whilst leveraging the strengths of AP and its group companies.

He said the parties were committed to concluding the deal by the end of the first quarter of 2021.

Ardova Plc and Enyo Retail & Supply Limited will provide further information on progress made on the proposed acquisition, according to the statement.

Recall that Ardova Plc was formerly known as Forte Oil Plc


Source PUNCH
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