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By Chukwuma Umeorah
Ardova Plc, one of Nigeria’s leading energy firms, has announced bold expansion plans aimed at driving productivity and sustainability in the country’s energy sector. The announcement was made during its 60th anniversary in Lagos.
The Managing Director, Moshood Olajide, disclosed that the company invested heavily in Liquefied Petroleum Gas (LPG) infrastructure, including a state-of-the-art LPG terminal in Lagos with a storage capacity of 30 kilotons, capable of meeting 60 per cent of Nigeria’s domestic LPG demand.
“Ardova Plc has committed to investing in cleaner and safer energy solutions in line with global operating standards. Our LPG infrastructure reflects our dedication to supporting Nigeria’s ‘Decade of Gas’ initiative,” Olajide said. The initiative aims to improve energy efficiency, support small businesses, and mitigate environmental hazards caused by traditional fuels.
Olajide highlighted the company’s transformation over the decades, noting that investments in technology had improved operational efficiency and profitability. “We project continuous improvement in our revenue, market volume, and returns in the years ahead,” he added.
Ardova’s financial reports showed a profit of N1.54 billion in 2021, despite a group net loss of N3.8 billion caused by challenges from subsidiaries, including Axles and Cartage and Enyo Retail and Supply Limited. The company’s first-quarter 2022 performance reflected a turnaround, with growth in revenue, sales volume, and profits fueled by previous investments.
Chief Strategy Officer, Ardova, AbdulHakeem Buhari also emphasiSed the company’s role in reshaping Nigeria’s energy sector, stating, “Ardova embodies a vision where energy innovation meets economic empowerment,”.
Buhari emphasized that the company’s efforts in sustainability and innovation had earned it numerous accolades, including recognition as one of Nigeria’s top 100 companies by the Nigerian Stock Exchange. He added that as it marked six decades of operations, Ardova would strengthen commitment to cleaner energy solutions and thanked stakeholders for their continued support.
