Former Forte Oil, Ardova moves to acquire fuel retailing firm Enyo
Former Forte Oil, Ardova Plc said it is in talks with the shareholders of Enyo Retail and Supply Limited to acquire the downstream operations of the company.
In a regulatory filing with the Nigerian Stock Exchange (NSE), Ardova said the “announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo.”
The company said the process “is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.”
The Chief Executive of Ardova Plc (AP), Olumide Adeosun said that immediately following completion of the acquisition process, AP will look to retain the Enyo branded stations which will operate side by side with the AP brand whilst leveraging the strengths of AP and its group companies.
According to him, both AP and Enyo are 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,” the compared stated in the regulatory filing.
It said Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector.
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.