Ardova Plc moves to acquire Enyo Retail/Supply Ltd.

Date:

Lagos, Jan. 13, 2021 Ardova Plc (AP), a Nigerian integrated energy company, says it is set to conclude the acquisition of Enyo Retail and Supply Limited (Enyo), as discussions were currently ongoing.

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Mr Olumide Adeosun, Chief Executive Officer of AP disclosed in a statement made available to newsmen on Wednesday in Lagos.

Adeosun said that immediately after the acquisition, AP would retain the Enyo branded stations, which would operate side by side with the AP brand while leveraging the strengths of AP and its group of companies.

He also stated: “Both parties are committed to concluding the deal by the end of Q1 2021.”

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

Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector.

It 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.

The CEO said that Ardova Plc and Enyo Retail & Supply Limited would provide further information on progress made on the proposed acquisition.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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