TEMPLARS Advises A.P. Moller Capital and Clean Energy Group on the Sale of Powergas to Ardova Plc Led Consortium

Powergas is one of Africa’s largest compressed natural gas (CNG) producers and virtual pipeline distributors, serving industrial and commercial customers beyond the reach of Nigeria’s gas pipeline network. Through its Ebedei operations, it harnesses gas that would otherwise be flared, helping to curb waste and unlock the value of Nigeria’s stranded and underutilised gas resources.

Ardova’s strategic investment is expected to accelerate Powergas’ growth, strengthening its operational capacity and distribution network and giving it access to capital, technology and industry expertise. Plans include the rollout of CNG refuelling infrastructure across Ardova’s nationwide retail network and the extension of Powergas’ footprint into the wider West African market.

The transaction comes at a formative stage in the development of Nigeria’s CNG market. Wider refuelling infrastructure will support the adoption of CNG as a transport fuel, in line with the core agenda of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles. The investment also positions Powergas to play a larger role in Nigeria’s transition towards cleaner, more accessible energy.

The TEMPLARS team was led by Partner, Desmond Ogba, with support from Partner, Dayo Okusami; Senior Associates, Adebimpe MacGregor and Oyinda Afolabi; and Associates, David Okonyia, Nafisa Haliru, Jewel Egelege and David Akpeji, alongside specialist colleagues from across the Firm’s practice groups, bringing together expertise across all aspects of the transaction.