Ardova Plc, formerly Forte oil, was founded in 1964 as British Petroleum. After 14years in operation the company changed its status from a private limited liability company to a public liability company. In compliance with the provisions of the Nigeria Enterprises promotion degree in 1977, 40% of the company’s shares were sold to Nigerians and a year later, 60% was acquired by the federal government of Nigeria in favor of the Nigerian national petroleum company (NNPC).
In November 1979 its name was changed to Africa petroleum plc. NNPC stakes in Africa petroleum was reduced by 20% in march 1989 after the federal government sold the 20% to a Nigerian citizen, increasing their stake from 40% to 60%.in the year 2006 the Federal Government under its privatization programme divested its remaining 40%to core investors and interested Nigerians.
In may 2007 the shareholding structure took another dimension as incorporated trustees of NNPC’s pension funds divested its stakes to Zenon petroleum and gas limited, owned by Femi Otedola and its affiliated entities became the core investors in the company under the new management, African petroleum embarked on rebranding and restructuring programme which led to forte oil plc.
In December 2010 and rebranding of the retail outlets spread across the country.
In 2013 the company purchased a controlling stake in the 414 MW Geregu Power plant under a government-led privatisation programme in the power industry under the leadership of Goodluck Jonathan. Geregu Power Plant was commissioned in 2007 with three Siemens V94.2 open cycle gas turbine power generation units, namely GT11, GT12, and GT13, with an initial combined installed capacity of 414MW. A major overhaul of the plant commenced in 2015 and was completed in 2016, increasing the combined capacity to 435MW.
In 2015 they signed an $83 million contract with Siemens to upgrade the 414 MW plant, the work is due to be completed in 2016
As at June 20, 2019, approx. 75% controlling shares of Forte oil were purchased by Prudent Energy and Services owned by Abdulwasiu Sowami through Sowami's investment company Ignite Investments and Commodities Limited, thus effectively giving Sowami controlling shares of Forte oil excluding the Geregu Power plant.
At an Extra-ordinary General Meeting (EGM) held in Lagos on December 18, 2019, shareholders of Forte Oil PLC authorized the board of directors to change the company's name to Ardova Plc. The new name, along with a new logo and tagline was officially launched to the public on February 19, 2020.
Head Office 13, Walter Carrington Crescent, Victoria Island, Lagos, Marina,
Phone: +23412776100, +23412776129
Forte Oil Plc
Alternative fuel station in Lagos
Address: Igbosere Street, Lagos Island, Lagos
Forte Oil - Cement
Auto repair shop in Lagos
33, Abeokuta Expressway, Cement Bus Stop, 100246, Lagos
Phone: 01 277 6100.
Petroleum Products Company in Lagos
Address: Lekki - Epe Expy, Victoria Island, Lagos
Forte Oil Plc
Gas station in Lagos
111 Awolowo Rd, Ikoyi, Lagos
Gas station in Lagos
Ladipo St, Mushin, Lagos
Please login to give a review.
Ardova Plc has completed its takeover of Enyo Retail and Supply Limited. Ardova, one of the country's foremost indigenous players&nbs...
The Nigerian Exchange had a positive run last week, posting cumulative gains of N376 billion as investors are increasing their long bets in the Nigeri...
The Nigerian Stock Exchange (NSE) market closed with 4,655.00 deals on Monday, March 8th, 2021, lower than the 4,895.00 deals on Friday, March 5th, 20...
The Nigerian Stock Exchange (NSE) market closed with 5,040.00 deals on Tuesday, February 16th, 2021, lower than the 5,321.00 deals on Monday, February...
The Nigerian Stock Exchange (NSE) market closed with 4753.00 deals on Thursday, February 4th, 2021, lower than the 5887.00 deals on Wednesday, Februar...
The Nigerian Stock Exchange (NSE) market closed with 5887.00 deals on Wednesday, February 3rd, 2021, lower than the 7,110.00 deals on Tuesday, Februar...
The Nigerian Stock Exchange (NSE) market closed with 5,117.00 deals on Friday, January 29, 2021, lower than the 6386.00 deals on Thursday, Januar...
The Nigerian Stock Exchange (NSE) market closed with 6,386.00 deals on Thursday, January 28, 2021, lower than the 6,770.00 deals on Wednesday, Ja...
The Nigerian stock market closed at 3,576 deals on Thursday, September 24, 2020, higher than the 3,601 deals it closed with on Wednesday, September 23...