Ardova-led consortium to acquire Africa’s largest CNG producer Powergas

A consortium led by Ardova Plc and Diadem Energy has reached an agreement to acquire a 100% stake in Powergas, which includes Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited (PEL). Powergas is recognized as one of Africa’s largest producers of Compressed Natural Gas (CNG) and a distributor of virtual pipelines.

The acquisition, supported by A. P. Moller Capital through its Africa Infrastructure Fund I and Impala Energy Holdings, will integrate a natural gas platform into Ardova Plc’s existing petroleum and liquefied petroleum gas businesses.

Powergas operates the Ebedei flare gas monetisation project, which converts gas that would otherwise be flared into productive energy for industrial and commercial use. This process allows customers to use natural gas as an alternative to diesel generators, reducing emissions. Since commencing operations in 2020, PEL has expanded its distribution network across the South-East, South-South, and South-West regions of Nigeria.