In 1964, It was incorporated as British Petroleum (Nigeria), and in 2021 it the year with a change of its registered office address, bearing the name Ardova Plc.
In a publication on the Nigerian Stock Exchange seen by Investogist, Ardova Plc (NSE Ticker: ARDOVA) informed The Exchange and the investing public that the Corporate Affairs Commission has approved the change of the Company’s Registered Office Address from 13 Walter Carrington Crescent, Victoria Island, Lagos to 1 AP/Conoil Road, Ijora, Lagos.
About the Company
Ardova Plc is a Nigerian leading indigenous and integrated energy company involved in the distribution of petroleum products. It has an extensive network of over 450 retail outlets in Nigeria and significant storage facilities in Apapa, Lagos and Onne, Rivers State.
The company procure and distribute petrol (PMS), diesel (AGO), Kerosene (DPK) and liquefied petroleum gas (LPG). Its services also involve the manufacturing and distribution of a wide range of quality lubricants from its oil blending plant in Apapa, Lagos.
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The lubricants distributed by ARDOVA include: Super V, Visco 2000 and Diesel Motor Oil. It is also the sole authorised distributor of Texaco branded Havoline Engine Oils and Lubricant in Nigeria.
ARDOVA is also a leading supplier of aviation fuel for local and international airlines, it provides aircraft refueling services through its aviation joint user hydrants in Ikeja, Lagos and joint aviation depots in Abuja, Port Harcourt and Kano.
The company also provide renewable energy solutions to customers through its solar brand.
History of the Company
ARDOVA was incorporated on 11 December 1964 as British Petroleum. After 14 years of operation, the company changed its status from a private limited liability company to a public liability company.
In 1978, Nigerian National Petroleum Corporation (NNPC) acquired 60% stake in British Petroleum, with the Nigeria public buying the remaining 40%. The acquisitions were in compliance with the provisions of the Nigerian Enterprises Promotion Decree of 1977.
In 1979, the name of the company was changed from British Petroleum to African Petroleum Plc (AP).
In 1989, the Federal Government of Nigeria reduced its stake in African Petroleum held by its National Oil Company, NNPC, by selling 20% in March of that year to Nigerian Citizens. The transaction swung the majority shareholding of African Petroleum to the Nigerian Citizens with 60%, while the Nigerian Federal Government held 40%.
In the year 2000, under President Olusegun Obasanjo administration’s privatization programme, the NNPC sold the 40% of AP shares it held for the Nigerian Government to the Nigerian Public.
In 2005, NNPC converted its AP debt to equity, thereby taking back equity stake in the oil marketer. This equity stake was held by Incorporated Trustees of NNPC’s Pension Fund.
In 2007, in May to be precise, a new era became for the company as Mr. Femi Otedola’s Zenon Petroleum & Gas Limited acquired NNPC’s stake as the national oil company divested from AP. The acquisition made Zenon Petroleum the majority shareholder in the Company.
2010-2011, under the new management, the company embarked on a rebranding and turn-around program. Its name was changed to Forte Oil Plc in December, 2010, and its retail outlets nationwide were rebranded as well.
In 2013, under the Presidency of Goodluck Jonathan, Forte Oil Plc (FO) purchased a controlling stake in the 414 MW Geregu Power Plant under a government-led privatization programme in the power industry.
In 2019, Prudent Energy and Services owned by Abdulwasiu Sowami through Sowami’s investment company Ignite Investments and Commodities Limited acquired 74.02% equity stake in Forte Oil Plc’s downstream operations. The acquisition gave Abdulwasiu Sowami controlling shares of Forte Oil excluding the Geregu Power Plant.
In a special resolution passed by Shareholders at an Extraordinary General Meeting held on December 17, 2019, with the approval of the Corporate Affairs Commission, the company’s name was changed from Forte Oil Plc to Ardova Plc.
Share price on the Nigerian Stock Exchange
ARDOVA has 1.302 billion outstanding shares, and a market capitalization of N17.648 billion. Its share price at the end of trading on Wednesday 6th January, 2021 was N13.55.
The share price has not changed in 2021 at the time of this write-up. Year-on-Year, the share price is down by 18.86%.
Its 52 week high price is N20.60 while its 52 week low price is N9.40.
By; Nnamdi M.
