Ardova Plc posts N1.78 billion profit in Half Year 2021.

Ardova Plc released its unaudited financial results for the period ended June 30, 2021.

  • Revenue for the period was N86.8 billion. (-0.62% YoY)
  • Cost of sales was N79.4 billion. (-3.1% YoY)
  • Administrative expenses totalled N3.49 billion. (+6.2% YoY)
  • An operating profit of N2.65 billion was recorded.
  • Profit for the period was N1.78 billion. (+75.9% YoY)
  • Earnings per share of N1.36 Vs 78 kobo YoY.

See link to results.

Ardova Plc buyout 100% stake in Enyo Retail and Supply Limited.

Ardova Plc has completed the acquisition of a 100% equity stake in Enyo Retail and Supply Limited.

In a notification signed by the company’s secretary, Oladeinde Nelson-Cole and uploaded on the website of the Nigerian Exchange Group Limited, the firm revealed that the recent deal is sequel to the execution of a share purchase agreement between the parties involved.

Recall that in January, Ardova Plc had announced entering into discussions with the shareholders of Enyo, in a bid to take over the assets of the latter. The firm further revealed that the Shareholders of Enyo had accepted its offer and acquisition framework in principle, although subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.

Sequel to this, the parties involved in the deal reiterated their commitments towards finalizing the transaction, in line with the share purchase agreement.  They also promised to remain transparent in terms of communicating details about the future progress made on the deal.

Commenting on the recent acquisition, the Chief Executive Officer of Ardova Plc, Olumide Adeosun said: ‘On completion, this acquisition will lead to a stronger downstream energy group that benefits from the increased customer reach and service delivery excellence of both companies, with the combination expected to produce stronger financial results.’’

What you should know:

  • Enyo Retail and Supply Limited was established in 2017 with a focus of integrating first level customer service experience with fuels retailing and renewable energy products in Africa. The firm is technologically driven and currently operates over 90 stations across Nigeria, servicing over 100,000 retail customers daily across 15 states of the country.
  • Currently, Stanbic IBTC Capital Limited and Banwo & Ighodalo are acting as Financial and Legal Advisers respectively to Ardova Plc. On the other hand, Rand Merchant Bank and Herbert Smith Freehills Paris LLP are acting as Financial and Legal Advisers to Enyo Retail and Supply Limited and certain of its shareholders.
  • When completed, Ardova Plc will look to retain Enyo branded stations which will operate side by side with its brand, leveraging on its strengths.

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Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.

Ardova Plc, an indigenous and integrated energy company, has confirmed the appointment of Mr Oladeinde Nelson-Cole as its Secretary/ General Counsel effective from 1st of April, 2021.

According to a notice sent to the Nigerian Exchange Limited, Mr Nelson-Cole was first appointed as Secretary on 29th of July 2019, albeit in an acting capacity, in a bid to fill the vacuum left by the departure of his predecessor, Mr Akinleye Olagbende.

Sequel to his outstanding performance in an acting capacity, his appointment was finally ratified by the board. As the Company’s Secretary/General Counsel, Mr Nelson-Cole will continue to guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.


Mr. Nelson-Cole is a lawyer with over 14 years of experience with proven expertise in company secretarial, corporate compliance and general legal practice. He is an alumnus of the Lagos State University. Prior to joining Ardova Plc, Mr. Nelson-Cole was a Senior Associate in the law firm of RouQ and Co.

For more information about the appointment, click HERE.

Ardova Plc posts profit after tax of N858.7 million in Q1 2021.

Ardova Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N41.99 billion. (+0.8% YoY)
  • Cost of sales was N38.6 billion. (+0.5% YoY)
  • Administrative expenses totalled N1.5 billion. (+7.4% YoY)
  • Operating profit for the period was N1.4 billion.
  • Profit after tax was N858.7 million. (+1% YoY)
  • Earnings per share of 66 kobo Vs 65 kobo YoY.

See link to results.