Ardova Secures 100% Stake in Powergas to Boost Natural Gas Presence

Ardova Plc has entered into an agreement to acquire a 100% stake in Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited, collectively known as Powergas. The consortium includes Ardova and Diadem Energy, with A.P. Moller Capital and Impala Energy Holdings involved in the transaction.

The deal aims to be completed by the end of 2026, pending customary closing conditions, including regulatory approvals. Upon completion, Ardova will combine Powergas' gas sourcing relationships, compression infrastructure, and industrial customer base with its nationwide retail, logistics, and distribution network.

Ardova plans to deploy CNG infrastructure across its retail network, targeting 100 CNG refuelling sites nationwide within 24 months. This expansion is expected to increase access to natural gas for commercial fleets and motorists while supporting the Federal Government's efforts to increase domestic gas utilisation.