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Ardova Partners Shell to Distribute Shell Branded Lubricant Products

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Ardova Plc, one of the leading indigenous oil marketing firms, just signed a Memorandum of Understanding with Shell Trading International Limited to act as the main distributor for Shell Lubricants branded products for the automotive and industrial sectors in Nigeria.

In a statement released via its official Twitter handle @ardovalplc, Olumide Adeosun, the Chief Executive Officer, Ardova Plc, was quoted as saying “We are delighted that our company will act as the main distributor for Shell Lubricants branded products for the automotive and industrial sectors in Nigeria.”

Formerly known as Forte Oil Plc, Ardova new owner, AbdulWasiu Sowami, noted that the company’s goal was to provide customers with best in class products and services, build partnerships that optimize synergies and create value for all parties involved. “This deal ticks all those boxes and we are excited to add the Shell range of lubricants to the portfolio of products available to our customers.”

Chairman of Shell companies in Nigeria, Osagie Okunbor, who also commented on the deal, said: “This is a reinforcement of our commitment to continue to optimize our footprints in Nigeria while working with local companies for mutual benefits and to create opportunities for the people. Shell lubricants products will offer improved performance for automobiles across the country through Ardova’s chain of retail stations and resellers”.

Ardova Plc turned profitable immediately the company was acquired from billionaire Femi Otedola, who owned and managed it when it was Forte Oil Plc. The company declared N875.380 million profit after tax in the third quarter of 2020, almost 550 percent increase from the -N190.843 million posted in the same quarter of 2019.

Gross profit rose to N3.599 billion in the same quarter, up from N2.552 billion in the corresponding quarter of 2019.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Ndubuisi Ekekwe Moves to Deepen Capabilities Through Free Weekly Business Lessons

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Ndubuisi Ekekwe

In a bid to deepen business and individual capabilities across the African continent, Prof. Ndubuisi Ekekwe, Founder of Fasmicro and the Lead faculty, Tekedia Institute, on Sunday said he will commence free business lessons to enhance accumulation of capabilities.

In a message forwarded to all members of the platform, Tekedia.com, Prof. Ekekwe, explained that when businesses accumulate capabilities, they move upstream and create new competitive tentacles which eventually form the foundation of their growth.

More so, because of the capabilities, they protect their market shares through strategic moats against competitors and new entrants,” he stated.

Prof. Ekekwe plans to send out two business lessons per week to engage Tekedia’s growing community on the mechanics of business systems. “Each piece would be prepared to pass across a business lesson.”

Prof. Ndubuisi Ekekwe writes regularly in the Harvard Business Review and has spoken at global events — explaining and teaching the mechanics of business systems and nation-building.

To start receiving his free business lessons sign up here.

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FG Introduces NEXIT Portal for Npower Batch A and B Beneficiaries

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npower latest news

The Federal Government has introduced a new online portal for exited Npower beneficiaries of batch A and B.

According to the Minister for Humanitarian Affairs, Sadiya Farouq, the portal was launched in collaboration with the Central Bank of Nigeria (CBN) to enable exited Npower beneficiaries apply for available federal government empowerment options.

This was disclosed in a statement issued by Nneka Anibeze, the media aide to the minister, on Friday.

The ministry said the NEXIT portal will be used to determine the suitability of exited beneficiaries for various CBN-affiliated programmes.

She explained that selection will be based on the conditions and criteria set by the apex bank.

Ms Farouq, therefore, urged interested exited Npower beneficiaries to log on to the NEXIT portal and provide the required additional information for possible placements into central bank’s intervention options.

The Minister expressed her deep appreciation to the CBN Governor Mr Godwin Emefiele CON for his support adding that the Ministry of Humanitarian Affairs remained committed to the vision of Mr President to lift 100 million Nigerians out of poverty in the next 10 years.

“Minister Umar Farouq pledged the Ministry’s willingness to collaborate with relevant agencies of government and other stakeholders towards the realization of that vision and congratulated the exited beneficiaries while wishing them well in their future endeavours.

“The Federal Government of Nigeria is very proud of the milestones you have achieved during your period of service to the nation. As we prepare to exit into prospective endeavours.”

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Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State

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The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.

The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.

Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.

I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.

The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

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