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Prudent Energy & Services Limited has recently become a vehicle for mega acquisition in the Nigerian downstream market.
The first mega acquisition by the 17-year-old indigenous company was the purchase of the company owned by oil billionaire Femi Otedola back in 2019.
Otedola had in December 2018 disclosed his intention to sell his controlling stake in the company he founded, Forte Oil Plc. Forte Oil was incorporated on December 11, 1964 as British Petroleum.
Forte Oil was into downstream petroleum marketing, upstream services and power generation.
Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximize business opportunities in refining and petrochemicals.
The billionaire had a controlling stake which is 75 per cent of the shares held in Forte Oil as it was transferred to Prudent Energy for an undisclosed amount.
The name was changed to Ardova Plc in February 2020, based on a decision reached in a shareholders meeting in December 2019.
But Forbes reportedly said that Otedola received $250m from the new owner, a claim that has not been verified.
The man behind the acquisition is AbdulWasiu O Sowami, the owner of Prudent Energy.
Sowami’s Prudent Energy again came with another surprise acquisition on November 17, when it announced that it has completely acquired 100 per cent equity stake in Enyo.
Abayomi Awobokun is the founder and CEO of Enyo Retail, while Tunde Folawiyo is understood to have an interest in Awobokun’s Enyo Retail.
The newly acquired Enyo was established in 2009 and has 95 filling stations across the country.
Sowami is a graduate of Sociology from the University of Maiduguri, Borno State, and holds a Masters in Corporate Governance from Leeds Beckett University in the United Kingdom.
He started his career with Besse Oil and Services Limited, proceeded to Cosmos Oil Limited and Ignite Energy Limited.
He is the Chairman of Ignite Investments and Commodities Limited.
The company facilitates finances for businesses, especially Small and medium-sized enterprises. He is also the Chairman of Ardova Plc.
By Ukpe Philips Whistler