Ardova Takes Over Rival Oil Company, Enyo Retail

Ardova Plc has fully acquired Enyo Retail and Supply Limited, a process that began in June.

Ardova, formerly Forte Oil Plc, said it has completed the execution of a share purchase agreement to acquire a 100 per cent equity stake in Enyo.

Ardova is controlled by Prudent Energy and Services owned by Abdulwasiu Sowami following the purchase of 75 per cent shares in 2009.

Enyo which was established in 2017 had in April this year unveiled its 95th filling station.

The company was highly competitive in the retail business.

According to Ardova, the acquisition was made to strengthen the company’s quality of earnings.

Ardova said, “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.”