ARDOVA PLC Company Profile

ARDOVA PLC

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[1]
 
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.