An Ardova Plc-led consortium has agreed to acquire 100% of Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited from A.P. Moller Capital, with plans to build 100 compressed natural gas (CNG) refuelling stations within 24 months of completing the transaction.
A.P. Moller Capital announced the agreement on Friday, September 25, 2026, saying the acquiring consortium includes Diadem Energy. Financial terms were not disclosed. The transaction is expected to close around the end of 2026, subject to customary closing conditions, including required regulatory and other third-party approvals.
The companies, collectively known as Powergas, produce compressed natural gas and operate a virtual-pipeline network that supplies gas to industrial and commercial customers beyond the reach of Nigeria’s fixed pipeline infrastructure.
For Ardova, the acquisition would add a natural gas platform to its existing operations in retail fuels, LPG, shipping, aviation fuel, lubricants and logistics. A.P. Moller Capital said the deal will combine Powergas’ gas-sourcing relationships, compression infrastructure and industrial customer base with Ardova’s retail, logistics and distribution network.
A key part of Ardova’s expansion plan is the rollout of CNG refuelling infrastructure across its retail network. The company is targeting 100 CNG refuelling stations within 24 months after the transaction is completed.
Ardova also plans to expand Powergas’ compression capacity across viable gas-producing corridors to create stronger offtake for associated and non-associated gas, support flare reduction and attract further investment across the gas value chain, according to A.P. Moller Capital’s September 25, 2026 announcement. The company also intends to extend the platform into the wider West African market over time.
AbdulWasiu Sowami, Executive Chairman of Ardova, said on September 25, 2026 that the company intends to combine Powergas’ compression infrastructure with Ardova’s national reach to connect Nigeria’s gas resources to industry, power and transportation.
“Nigeria’s next era of energy development will be built on gas, and it will be built at scale. Powergas has built the compression backbone required to take natural gas beyond the conventional pipeline grid,” Sowami said. “Ardova brings a national distribution network, deep customer relationships and the ability to invest for the long term. Together, we intend to connect Nigeria’s abundant gas resources to industry, power and transportation, supporting President Bola Ahmed Tinubu’s Presidential Initiative on Compressed Natural Gas (Pi-CNG) and the Federal Government’s Decade of Gas programme.”
Powergas was founded in 2013 by the Clean Energy Group to take natural gas beyond Nigeria’s fixed pipeline network through compression facilities and virtual-pipeline distribution.
A.P. Moller Capital said on September 25, 2026 that Powergas Ebedei Limited commenced operations in 2020, while its Ebedei compression plant was commissioned in 2021. The company has since expanded distribution across South-East, South-South and South-West Nigeria.
The Powergas Ebedei project also captures gas that would otherwise have been flared and supplies it to industrial and commercial customers, some of whom use it as an alternative to diesel-fired power generation. A.P. Moller Capital said the business has created 175 direct jobs, in addition to employment across its supply chain.
Diadem Energy, which is part of the acquiring consortium, already has a relationship with Powergas as a virtual-pipeline logistics partner. Diadem Group Chairman George Eluwa said the existing partnership had given the company direct experience in delivering natural gas beyond the conventional pipeline network.
The acquisition also marks the planned exit of A.P. Moller Capital from its Powergas investment. The investment firm entered the business through Impala Energy Holdings in April 2019, its Africa Infrastructure Fund I’s first investment, and subsequently supported Powergas Ebedei through development, construction, commissioning and operational expansion.
The transaction has not yet been completed. A.P. Moller Capital said on September 25, 2026 that completion is expected around the end of 2026, subject to required approvals and other closing conditions.
