Enyo Retail Acquisition Delays Ardova’s 2021 Audited Results

Ardova Plc said, the delay in filling its audited financial statements for the year ended December 31, 2021 was accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL).

The company, in a statement signed by the company’s secretary, Oladeinde Nelson-Cole, said: stated that, “the board and management of Ardova wishes to allay concerns over the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX) over the late filing of its 2021 Audited Financial Statements.”

According to Ardova, the delay in submission was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021. Enyo’s accounting has now been harmonised with the IFRS accounting standard already in place at Ardova Plc, following which the Group’s Consolidated Financial Statements were completed and duly audited.

“These audited financial statements were approved by Ardova’s board of directors following its meeting on June 29, 2022, and will be filed with the Nigerian Exchange (NGX) Limited on or before July 8, 2022.

“In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission. The board and management apologize for inconvenience caused by this administrative circumstance and reassure our stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance,” it stressed.

In November, 2022, Ardova announced the 100 per cent acquisition of Enyo Retail & Supply Limited. The acquisition makes Ardova Nigeria’s largest indigenous publicly listed downstream company, as it adds Enyo’s 95 retail stations to its existing 450 stations, growing the group’s portfolio to 545 stations nationwide.

The chairman, Ardova, AbdulWasiu Sowami, in a statement, highlighted the significance of the acquisition, saying, “AP has an established heritage of being a fundamental part of Nigeria’s downstream energy infrastructure.

“In the past two years we have undertaken a transformation to an integrated energy company that is primed to be the market leader in meeting present fuels demands and future energy needs that will result from the imminent energy transition. By acquiring Enyo we are able to accelerate the pace of achieving these objectives.”

The chief executive officer, Ardova, Olumide Adeosun said: “the addition of Enyo to the Ardova group fits into our expansion strategy to have the widest retail reach in the Nigerian downstream sector.

“The deal brings us closer to more customers and improves our capacity to distribute increased product volume through company owned channels, thereby improving profitability in our supply chain.”