Downstream Mergers & Acquisitions

Ardova Plc completes acquisition of Enyo Retail & Supply Ltd in Nigeria

Picture: Ardova Plc

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Nigerian energy and oil marketing company Ardova Plc has announced the completion of its 100% acquisition of Nigerian fuels retailing company Enyo Retail & Supply.

Through this transaction, Ardova has grown its fuel retail stations by 95, bringing its total network in Nigeria to 545.

The acquisition is part of ongoing consolidation in the Nigerian downstream market as oil marketers seek to achieve economies of scale to boost profitability.

Earlier this month, RainOil also completed its acquisition of 63.6% of the shares of Eterna Plc though its investment arms, Preline Ltd (60.9%) and Norsworthy Investments (2.6%).

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South Africa has received its first ever LNG shipment

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Southeastern Africa’s biggest solar PV plant opens in Malawi

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