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Ardova Plc Positions to Acquire Enyo Retail and Supply Limited

LAGOS, NIGERIA – 13 January 2021 – Ardova Plc (“AP”), a leading Nigerian integrated energy company, and the shareholders of Enyo Retail and Supply Limited (“Enyo”) have entered discussions relating to AP acquiring Enyo. 

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. 

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

CEO of AP, Mr Olumide Adeosun, explained that immediately following completion, 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. 

He stressed further that parties are committed to concluding the deal by the end of Q1 2021. 

Ardova Plc and Enyo Retail & Supply Limited will provide further information on progress made on the proposed acquisition

Note to editors: 

ABOUT ARDOVA PLC 

Ardova Plc is a Nigerian leading indigenous and integrated energy company involved in the distribution of petroleum products. With an extensive network of over 450 retail outlets in Nigeria and significant storage facilities in Apapa, Lagos and Onne, Rivers State, we procure and distribute petrol (PMS), diesel (AGO), Jet Fuel and liquefied petroleum gas (LPG).

Our services also involve the manufacturing and distribution of a wide range of quality lubricants from our oil blending plant in Apapa, Lagos. These lubricants include: Super V, Visco 2000 and Diesel Motor Oil. We are also the sole authorised distributor of Shell Engine Oils and Lubricant in Nigeria.

ABOUT ENYO RETAIL & SUPPLY LIMITED 

Enyo Retail and Supply Limited was established in 2017 as a customer-focused, technology driven fuels retailing company, intent on providing best-in-class retail experiences, whilst leveraging complimentary brands and optimizing return to investors. Enyo is affiliated with Folawiyo Energy, one of the leading players in Nigeria's oil and gas industry. The Chairman of Enyo is Mr. Tunde Folawiyo. Enyo’s primary focus is to integrate first level customer service experience with fuels retailing and renewable energy products in Africa. Enyo is pioneering the technology revolution in the downstream sector to see what additional value can be created to support the massive industry