Ardova Plc, a prominent Nigerian integrated energy company listed on the NGX, has announced a significant leadership change.
Olu Adeosun, Chief Executive Officer (CEO) of Ardova Plc, is stepping down from his role to pursue new opportunities. His resignation, effective on Thursday August 31, 2023, marks the end of over four years of leadership at the company.
Despite his departure, the company stated that Olu Adeosun will remain engaged with Ardova’s activities until December 31, 2023, ensuring a smooth transition to the new executive management.
In line with what appears to be the company’s succession plan the company’s established succession plan, Moshood Olajide has been appointed as the new Managing Director.
AbdulWasiu Sowami, Group Executive Chairman of Prudent Group, the parent company of Ardova Plc, expressed his excitement about the company’s potential for creating value in the energy industry.
Olu Adeosun, in his departing statement, expressed gratitude to the Ardova Board, management, team, customers, partners, and dealers for their unwavering support during his tenure. He highlighted the strength of the Ardova brand across various channels and partnerships, stating that he believes now is the right time to hand over leadership.
AbdulWasiu Sowami said: “Ardova is the crown jewel in our portfolio and is in an exciting position to create value in the energy industry, with many opportunities ahead, I look forward to working closely with our partners and the Ardova leadership to continue executing on the company’s long-term vision & strategy.
“On behalf of the Board of Directors and staff, I thank Olu for his contributions to the growth of the company. We wish him well in the future.”
On his part, Olu Adeosun said after over four years of building a market offering leveraging the strength and customer loyalty of the AP brand across multiple channels and partnerships, he believe this is the right point to hand over leadership.
“I want to thank the incredible Ardova Board, management, team, our customers, and partners – especially our formidable dealers for their relentless support.
“I will work with the Chairman and the Board to ensure a smooth transition and I will continue to be a customer, stakeholder, and lifelong fan of Ardova, its products & services,” he said.
Ardova Plc has an extensive network of over 695 retail outlets across Nigeria and storage facilities in Lagos and Rivers State.
The company plays a vital role in procuring and distributing essential energy products such as petrol, diesel, aviation turbine kerosene, and liquefied petroleum gas. Additionally, Ardova is known for its quality lubricants produced at its oil blending plant.