Ardova Plc, one of Nigeria’s major integrated downstream oil and gas businesses has agreed to a bulk purchase framework with Dangote Refinery.
According to a statement from the company made available to newsmen, this framework will see Ardova Plc offtake a full slate of petroleum products from the refinery.
While Ardova Plc has been a significant offtaker from the refinery since its inception, this new framework will institutionalize a more relationship between the two companies to further enhance the emerging competitive landscape in the downstream oil and gas industry in the country.
This framework is in line with President Tinubu’s drive for competition and improved efficiency in the industry and will see Ardova Plc deliver products at competitive prices nationwide.
Ardova recently disclosed that it is finalizing arrangements to return to the Nigerian Exchange Limited (NGX) as part of its strategic restructuring.
The company’s Chief Executive Officer, Mr. Moshood Olajide, made this disclosure during a press briefing in Lagos on Thursday, held to commemorate Ardova’s 60th anniversary celebration, themed “60 Years of Energising Progress With Endless Possibilities.”
“We are planning a return to the Nigerian Exchange Limited. It’s a key part of our growth strategy,” said Olajide. “We are currently consolidating our position and once we’re ready, our first move will be to return to the NGX.”
Olajide highlighted that Ardova is making the largest investment in the downstream oil and gas sector, reaffirming the company’s commitment to its growth and sustainability.
“We are here to stay,” he emphasized. “The investments we are putting back into the business demonstrate our dedication to expansion and resilience. This should reassure stakeholders of our sustainability as a business.”
Olajide elaborated on Ardova’s comprehensive portfolio, noting that it remains one of the few downstream oil and gas companies offering a full slate of products, including PMS, AGO, ATK, LPG, phase oil, lubricants, and bitumen. “This product diversity speaks to our revenue resilience and our ability to sustain stakeholder returns by mitigating risks,” he stated.
