Ardova and Diadem to Acquire Powergas for CNG Expansion
Ardova Plc and Diadem Energy have initiated a move to acquire 100% of Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited from Africa Infrastructure Fund I, managed by A.P. Moller Capital, through Impala Energy Holdings.
This acquisition, first announced on September 25, is expected to close around the end of 2026, pending regulatory approvals. The deal aims to reshape the distribution of compressed natural gas (CNG) across Nigeria, combining Powergas’ gas compression infrastructure, Diadem’s virtual-pipeline logistics, and Ardova’s retail network.
Ardova plans to deploy CNG infrastructure across its network, targeting 100 CNG refuelling sites nationwide within 24 months. The consortium aims to enhance domestic gas utilization and provide cleaner energy alternatives.
Dr. George Eluwa, Chairman of Diadem Group, emphasized the potential of transporting natural gas beyond fixed pipelines, while Ardova’s Executive Chairman, Dr. AbdulWasiu Sowami, noted the importance of gas in Nigeria's energy development.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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