Nigerian Oil Company, Ardova Unveils 150 Million Litres Blending Plant for Lubricants Production
- Ardova Plc has unveiled its state-of-the-art blending plant for lubricant oil in Nigeria
- The company announced the breakthrough during the AP Lubricant Distributors’ Forum at its terminal in Lagos
- The company’s executive chairman, AbdulWasiu Sowami, disclosed the reason for the blending plant rather than upgrading its facility
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
A Nigerian energy company, Ardova, owned by Nigerian oil bilionaire, AbdulWasiu Sowami, has opened a lubricant oil blending plant with a production capacity of 150 million litres annually and a storage capacity of 14 million litres to meet customers' demands.
According to reports, the company announced the breakthrough during the AP Lubricant Distributors’ Forum at its terminal in Lagos, where it introduced several initiatives to boost its partnership with distributors.
Source: Getty Images
AP reveals reasons for the new facility
The company’s Executive Chairman, AbdulWasiu Sowami, disclosed the reason for the blending plant rather than upgrading its facility.
He stated that three years ago, the company realised that it needed to transform its lubricant plant to a state-of-the-art blending plant to meet the lubricant market's needs.
Sowami disclosed that the firm can produce 20% of Nigeria’s total lubricant oil demand, stating that the new facility is a testament to the firm’s commitment to market demands.
AP’s journey in Nigeria’s energy sector
Ardova’s managing director, Moshood Olajide, said the facility is equipped to ensure robust inventory management, reducing the risk of stockouts.
The company also introduced a reward scheme to empower its distributors alongside other incentives. It also has enhanced logistics with a dedicated fleet of lubricant trucks and improved payment systems for seamless transactions.
Ardova emerged as a top player in the Nigerian oil industry after Sowami and others acquired the company from Nigerian billionaire Femi Otedola when it was known as Forte Oil.
Meet AbdulWasiu Sowami, a silent billionaire who acquired Ardova
Legit.ng earlier reported that on May 12, 2023, the news was rife that Ardova Plc, formerly Forte Oil, paid Femi Otedola about $19 million to complete the acquisition of the oil firm.
According to reports by ThisDay, the money was an arbitration fee that a court ruled against Sowami to be paid to Otedola for acquiring Forte Oil.
It was reported that in 2020, Sowami began acquiring Forte Oil via his investment portfolio company, Ignite Investments and Commercial Limited.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
Source: Legit.ng
