Nigerian Energy Company, AP in Final Talks to Acquire Enyo

A Nigerian integrated energy company, Ardova Petroleum Plc (AP), is finalising an acquisition deal with Enyo Retail and Supply Limited, a fast-growing retail and supply company in the downstream sector, Business Elites Africa can confirm.

According to a statement released by AP and seen by this publication, Enyo shareholders have already accepted AP’s offers and acquisition framework in principle but other requirements, including regulatory approvals, that would complete the acquisition deal are still in the works.

With over 90 stations operated across Nigeria and servicing more than 100,000 retail customers daily across 15 states of the country, the Enyo brand identity would be retained, AP CEO, Olumide Adeosun said in the statement, which was signed by Oladeinde Nelson-Cole, AP’s General Counsel.

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Although the acquisition figures are unclear at the time of filing this report, the deal would be finalised by the end of Q1 2021 baring unforeseen circumstances.