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Billionaire Sowami loses N728m after acquisition of Enyo

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Billionaire Abdulwasiu Sowami lost 5.38 percent of his wealth on Wednesday after he acquired fuel retailing company, Enyo Retail and Supply Limited for an undisclosed amount.

Sowami made the acquisition through his company, Ardova, where he holds a 75 percent controlling stake.

The firm, formerly known as Forte Oil, purchased 100 percent shares in Enyo Retail.

Ardova carried out the deal through its wholly-owned subsidiary, Bags and Kegs Limited.

Prudent Energy and Services Limited, which is also owned by Sowami had in June 2019 acquired Forte Oil from another billionaire businessman, Femi Otedola, who invested the funds into Dangote Refinery and First Bank.

In a statement announcing the acquisition of Enyo Retail on Wednesday, Ardova informed the capital market “the transaction had been completed and all conditions satisfied.”

READ ALSO: Ardova Plc acquires Enyo Filling Station after taking over Otedola’s company

Ripples Nigeria analysis revealed that by close of business on Wednesday, Sowami had lost N728 million after the capital market reacted negatively to Ardova’s shares at the bourse.

The billionaire’s wealth in Ardova dropped to N12.81 billion from N13.54 billion he held in the oil and gas company on Tuesday.

The N728 million was part of a larger N976.86 million loss recorded by investors in Ardova as the company’s total value dropped from N18.16 billion to N17.19 billion on Wednesday.

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