By Kayode Ogunwale

Ardova Plc, a preeminent energy company in Nigeria, has publicly articulated its strategic commitment to fulfill the country’s diverse energy requirements while simultaneously reinforcing its investment footprint within the region.

During a press conference held in Lagos to commemorate the company’s significant 60th anniversary, Managing Director, Moshood Olajide eloquently conveyed this vision.

He emphasised that, after six decades of sustained operations, Ardova Plc has firmly established itself within the Nigerian energy landscape.

Mr. Olajide detailed Ardova’s proactive diversification into renewable energy sectors, particularly solar solutions, underlining the company’s aspiration to emerge as a pivotal contributor to Nigeria’s ongoing energy transition. This strategic shift is marked by a comprehensive approach that integrates solar, gas, diesel, and petrol, thereby creating a robust framework designed to effectively navigate potential disruptions in the energy market.

The Managing Director reaffirmed the company’s dedication to continuous investment in cutting-edge technologies aimed at enhancing operational efficiency. He stated, “We are investing and we will continue to invest in technology to bolster our efficiency, improve our operations, and sustain our long-term profitability.” This commitment underscores Ardova’s resolve to lead in the evolving energy sector.

In the midst of evolving energy landscapes, Ardova’s subsidiary, Ardova Renewables, is taking a leading role in pioneering the company’s solar energy investments. This initiative aims to enhance sustainability by implementing solar solutions at retail locations and distributing solar-powered kits to households in rural communities. This proactive approach not only facilitates access to clean energy for underserved populations but also represents a strategic move towards renewable energy adoption.

Despite Ardova’s delisting from the Nigerian Stock Exchange in 2023, the company’s commitment to upholding the corporate governance standards established by the Nigerian Exchange Group (NGX) remains unwavering. The management views these standards as essential guiding principles that drive their operational integrity and strategic decision-making processes.

He emphasised the significance of capital market engagement, asserting, “With the help of the capital market, we were able to raise funds and increase our investment.” They further indicated that once the company reinforces its business operations, it will consider re-engaging with the capital markets.

Furthermore, Chief Strategy Officer Abdul Hakeem Buhari elaborated on Ardova’s substantial investments in critical infrastructure, particularly highlighting the establishment of the largest liquefied petroleum gas (LPG) storage facility in West Africa and Nigeria’s most sizeable LPG spheres. These strategic investments play a crucial role in Ardova’s overarching objective of addressing both energy accessibility and sustainability challenges in the region.

He articulated Ardova’s strategic initiatives and commitment to enhancing energy infrastructure within the region.

He emphasised the company’s substantial investments in critical infrastructure components, notably the establishment of the largest Liquefied Petroleum Gas (LPG) storage facility in West Africa, complemented by the construction of the largest LPG spheres in Nigeria. These ambitious undertakings fundamentally align with Ardova’s overarching objective to address both current and projected future energy demands effectively.

Buhari elaborated on Ardova Renewables’ initiative to engage with commercial and industrial clients to facilitate industrial-level grid connections, which is integral to creating a diversified energy portfolio. This strategic move underscores the company’s dedication to catering to varied energy needs across different sectors.

While he acknowledged that backward integration into refining is not a current priority for Ardova, Buhari affirmed the company’s openness to exploring such avenues in the future, particularly to maintain a robust focus on the retail market.

To further solidify its operational capabilities, Ardova is actively fostering strategic partnerships, specifically with the Dangote Refinery, to secure a reliable supply of energy products, thereby enhancing the overall efficiency of its operations.