Originally incorporated as British Petroleum Nigeria in 1964, Ardova Plc has evolved through several transformative phases to become a prominent indigenous energy company in Nigeria. In 1979, following indigenization policies, the company was renamed African Petroleum Limited (AP) when NNPC acquired a 60% stake and the public held 40%. This structure persisted until 2000, when the federal government fully divested.
In 2010–2011, the company underwent a significant rebranding, adopting the name Forte Oil, accompanied by a three-year turnaround plan under new management. Between 2012 and 2015, this transformation yielded impressive results, with profits soaring by 342%, a resumption of dividend payments, capital restructuring, and the acquisition of the 414 MW Geregu thermal power plant.
A landmark moment came in 2015, when the company signed an $83 million contract with Siemens to upgrade the Geregu Power Plant, enhancing its capacity from 414 MW to 435 MW.
In 2019, the company entered a new era when Ignite Investments & Commodities Limited acquired 74.02% of Forte Oil’s downstream operations. The acquisition sparked a performance revival: turnover rose from ₦134.71 billion in 2018 to ₦176.55 billion in 2019, while profit after tax skyrocketed by 520%, from ₦631 million to ₦3.92 billion. The company was formally rebranded as Ardova Plc following shareholder approval in December 2019 and began trading under the new name in early 2020. The company delisted three years later.
Continuing its growth, Ardova completed the Enyo Retail Services Limited acquisition, adding nearly 100 fuel stations across 19 states plus a fleet of about 200 trucks. This strategic move aims to strengthen Ardova’s retail footprint and customer experience.
