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Ardova Finalises 100% Takeover of Enyo to Control Retail Market

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By Dipo Olowookere

The 100 per cent takeover of Enyo Retail and Supply Limited has been completed by Ardova Plc, the energy company confirmed in a statement on Wednesday.

The acquisition of Enyo is to deepen the reach of Ardova in the retail end of the market and will make the new owners dominate the space.

Enyo boasts of nearly 100 retail gas stations in Nigeria and this was what attracted Ardova, a company listed on the Nigerian Exchange (NGX) Limited, to Enyo.

As a result of the transaction, Enyo, which is owned by Mr Tunde Folawiyo, has become a wholly-owned subsidiary of Ardova and will likely retain its brand name because of the trust it has garnered over the years.

Ardova used to be known as Forte Oil until it was acquired by Mr Abdulwasiu Sowami from Mr Femi Otedola, a billionaire business mogul in Nigeria.

“Further to the announcement of June 14, 2021, wherein Ardova notified the Nigerian Exchange Limited, its shareholders and the investing public of the execution of a share purchase agreement to acquire 100 per cent equity stake in Enyo Retail and Supply Limited, the company is pleased to announce that the transaction has been completed and all conditions have been satisfied.

“The acquisition was completed through a wholly-owned subsidiary of the company, Bags and Kegs Limited, and with effect from today, Enyo is now a wholly-owned subsidiary of the company.

“Stanbic IBTC Capital Limited and Banwo & Ighodalo advised Ardova while Rand Merchant Bank and Herbert Smith Freehills Paris LLP acted as financial and legal advisers respectively to Enyo,” the disclosure from Ardova stated.

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