Ardova Consortium Acquires Powergas for Major CNG Expansion
Ardova Plc has led a consortium to acquire 100% of Powergas Global Investments Nigeria Limited and its subsidiary, Powergas Ebedei Limited (PEL), for an undisclosed sum. The transaction is expected to be completed by the end of 2026, pending regulatory approvals.
Powergas, founded in 2013, specializes in compressed natural gas (CNG) production and virtual pipeline distribution. It supplies CNG to industrial, commercial, and power customers beyond Nigeria's conventional pipeline network.
The acquisition will add a natural gas platform to Ardova's existing businesses, which include petroleum products, liquefied petroleum gas (LPG), aviation fuel, lubricants, shipping, and logistics.
Ardova plans to deploy CNG infrastructure across its nationwide retail network, targeting 100 refuelling sites within 24 months. This move aims to expand access to CNG for motorists and commercial fleets while supporting the Federal Government's efforts to increase domestic gas utilization and promote alternative transportation fuels.