Ardova Plc Consortium to Acquire Powergas to Expand CNG
Ardova Plc leads a consortium to acquire 100 percent of Powergas, aiming to launch 100 CNG refueling stations across Nigeria within 24 months.
A consortium led by Ardova Plc, including Diadem Energy, has agreed to acquire 100 percent of Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited. The sellers include the Danish investment firm A.P. Moller Capital, via its Africa Infrastructure Fund I, and Impala Energy Holdings. The transaction is expected to close by the end of 2026, pending regulatory and third-party approvals.
Ardova plans to integrate Powergas's virtual pipeline infrastructure—which transports compressed natural gas (CNG) by road to areas lacking fixed pipelines—with its own national retail and logistics network. The company intends to establish 100 CNG refueling sites across Nigeria within 24 months to lower transportation costs and provide gas access to industrial customers. This expansion aligns with the Nigerian government's Decade of Gas programme and the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.
Beyond domestic retail growth, the consortium aims to expand compression capacity in gas-producing corridors to reduce flaring. Long-term objectives include extending these operations into other West African markets. Executive Chairman AbdulWasiu Sowami stated that the acquisition will connect Nigeria's gas resources to industry, power, and transportation, while Managing Director Abiola Babatunde-Ojo noted the deal provides the infrastructure and reach to make gas opportunities tangible for customers.
