The Management of Enyo Retail and Supply Ltd (ERS) has confirmed that its shareholders have been approached by Ardova Plc (AP) for a potential acquisition as an offer in principle has been made for the shares of the fastest growing downstream operator.
Enyo Retail and Supply Ltd founded in 2017 and chaired by Mr Tunde folawiyo, is a forward thinking tech-centric player, with over 90 stations operating in 19 states in Nigeria. It has been credited to be one of the fastest growing fuel retailers in the sector with many exciting offerings and an attractive array of service stations.
In addition to its fuel offerings, ERS is also the owner of the vehicle brand; a fast growing automobile repair services, REELAX; its confectioneries brand and other suites of products and services.
Over the last three years , ERS has earned for itself a place in the heart of consumers as a result of the integrity of its equipment, “A litre is a litre” a common saying which echoes on the forecourts of the retailer from consumers based on their experience of the retailers services.
This announcement is a follow up to the agreement and approval of the Shareholders of Enyo Retail and Supply.
Chief Executive Officer, Ardova Plc, 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.
Ardova Plc and Enyo Retail and Supply Ltd expect the acquisition to be concluded in Q1 2021 pursuant to the successful completion of a due diligence exercise by AP Plc and the receipt for all the requisite regulatory approvals. Both parties will provide further information on progress made on the proposed acquisition.
About Enyo Retail and 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
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).