Ardova acquires 100% stake in Enyo Retail & Supply

Nigerian integrated energy company, Ardova, has recently made waves in the market with its acquisition of 100% stake in Enyo Retail and Supply Limited. The move marks a significant step for Ardova as it looks to expand beyond its current 450 retail outlets. The CEO of Ardova, Olumide Adeosun, sat down with CNBC Africa to shed light on the value of the acquisition, the company's expansion plans, and his outlook on the medium to long term future of the industry and the Nigerian economy. Adeosun highlighted the strategic benefits of acquiring Enyo, emphasizing the unique technology platform and the synergy it brings to Ardova's operations. He also mentioned the opportunity to strengthen the supply infrastructure and drive retail growth in the industry. Adeosun further discussed Ardova's successful corporate bond issue, which will fund the acquisition and the construction of a 20,000 ton LPG facility in West Africa, positioning the company as a key player in the LPG market. Looking ahead, Adeosun shared his optimistic outlook on the economy, emphasizing the importance of addressing key challenges such as inflation and currency stability while keeping the needs of low-income earners at the heart of economic policies. He called for tough decisions to be made with a human-centric approach to ensure a smooth transition towards a more sustainable economic future.