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.