Half Year 2020Investor & Analyst Presentation

For the six months ended 30 June 2020

August 2020….energy for a brave new world 1

Olumide Adeosun

2

Olumide Adeosun

Chief Executive Officer – Ardova Plc

….energy for a brave new world

Disclaimer

The material in this presentation has been prepared by Ardova Plc and is general background information about Ardova Plc activities as at the date of this presentation.

This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be

considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments

and does not consider your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the

information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product

or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international

transactions, currency risk.

This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Ardova Plc businesses

and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned

not to place undue reliance on these forward-looking statements.

Ardova Plc does not undertake any obligation to publicly release the results of any revisions to these forward-looking statements to reflect events or circumstances after

the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a

materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Ardova Plc control. Past performance is

not a reliable indication of future performance.

3

4

In this Presentation

Governance

Company Profile

Operational Highlights10

Strategic Outlook

Financial Highlights

Appendix26

Our People

People -First

Company

We are building for

the future, a

people- first

oriented and star

service company

5strictly confidential

Company Profile

Five decades of

history and legacy

Our long and proud legacy

gives us a vantage position from where we

can see things differently about how energy is

consumed today

Ardova Plc is a leading indigenous, integrated energy company in Nigeria involved in marketing of petroleum products

1964Incorporation

As British Petroleum

(Nigeria)1978

Indigenization:

1979Name Change

To African Petroleum

Limited (AP)2000

Privatization

NNPC sold 40% to

the Nigerian public

2005NNPC buys equity

stake and increases

interest by converting

A P debt

2007New Era:

Zenon Petroleum, led byMr Femi Otedola acquires majority

interest from NNPC ushering in

a new era.

2010-11Rebrand:

To Forte Oil with new

management and 3-year

turn-around program

2012-15Transformation program result

Origins and key

historical milestones

From its incorporation

as British Petroleum

(Nigeria) in 1964,

Ardova Plc (AP)has

emerged the energy for

a brave new world, a

publicly listed and

widely renowned

corporation with one of

the fastest growing

business portfolios

within the energy

sector

Profits up by 342%.Acquired 4 1 4 mw Thermal IPP Resumed

dividend payments, capitalre-organization

2016-18New FrontiersConsolidated growth,

build resilience and

entrench best practices

2019

New Acquisition

Ignite investments and

commodities Ltd concludes

acquisition of 74 .0 6% equity

stake in Forte Oil Plc’s

downstream operations.

2019-20Energy for a Brave New

World

To Ardova Plc (AP)

NNPC acquires 60%

stake, with Nigeria

public buying 40%

6

Strategic Rationale for the Acquisition

Optimise

fuels value chainWiden distribution

network

Leverage

revenue & cost synergies

Consolidate

Market Share

Combined Synergistic Impact

A C DBImproved Working Capital

management and access to

fuels value chain on better

commercial terms.

Boosts market share in the

retail space and consolidate

its position as the dominant

marketer of petroleum

products in Nigeria

Parent company and Ardova

continue to run as separate

entities and exploit synergy

and opportunities while

moderating cost

Exponentially increase

number of distribution channels nationwide

Ardova Plc is a leading

indigenous, integrated

energy company in

Nigeria involved in

marketing of petroleum

products

Operating assets create platform for accretive revenue

450+ Retail Outlets

3 PMS storage depots with 50million liters

capacity

4 domestic and 1 international aviation depots

with 15 million liters storage capacity

Access to 1,441

Distribution

fleet

6million liters,mt

bitumen storage

capacity

LOBP with 30,000 (mpta) capacity

Access to

6,000mt LPG

plant at Oghara

Well diversified business segment across (4) units

Fuels Lubricant &Greases

Renewables

& clean energy

74% Stake Acquisition through

Ignite Investment Ltd

Our vision is to be Africa’s energy

solutions provider of choice.

Committed to driving the

continents growth and

transformation

Ardova’s mission is to become the

catalyst for energy sufficiency in

Africa, opening new vistas that

directly empower and impact the

individual customer, our

communities, stakeholders and

investors positively

Building the most reputable African energy company through formidable partnership

Specialties (Bitumen)

7

Our People

People -First

Company

We are building for

the future, a

people- first

oriented and star

service company

8

Governance

People-first

Company

We are building for the

future, a people-first oriented and star service

company

AbdulWasiu O. Sowami

Chairman

Moshood Olajide

Executive DirectorFinance & Risk Management

Mohammed Aminu Umar

Non-Executive DirectorOlusola Adeeyo

Independent Non-Executive Director

Olumide Adeosun

Chief Executive Officer

“Ardova Plc is led by a formidable team with unrivalled level of excellence and experience spanning the Oil & Gas, Finance, Banking and Legal sector”

Key driver for success is through investment in technology and exceptional service delivery across the energy value chain

Anlola Durosimi- Etti

Independent Non-Executive Director

People-first oriented and star service company with sound management in place to deliver a holistic brand vision

* Refer to appendix for profile of Board of Directors 9

Our People

People -First

Company

We are building for

the future, a

people- first

oriented and star

service company

10

Operational

Highlights

Helping the

Economy take flight

We understand our place in the

life of an economy. This drives our commitment to service

delivery. We are an energy service brand that believes

energy sufficiency will help the economy take flight

1.50 1.81 2.38 2.01 1.94 2.28 2.551.9

-3.5

11.2 11.3 11.4 11.3 11.2 11.211.9 12.3 12.6

Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20e

GDP rate Inflation rate

INCREASED PRESSURE AND DECLINING YIELDS ON INVESTMENT SECURITIES

0

5

10

15

20

Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

NIBOR Tbills - 91days Tbills - 182days Tbills - 1year Bond - 3years

OPEC+ CUT ON OIL PRODUCTION IMPACTS PRODUCTION VOLUME

%

3

305 306 307 306 306 307 307

360 360

362 361 363 360 361 360 360

415

452

366 361 359 360 361 362 365386 386

Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

CBN Rate Parallel Market NAFEX

47.79 44.31 43.12 44.42 45.07 41.85 38.59 35.26 36.18

79.44 81.72 69.78 68.39 66.55 60.78 68.16 22.74 41.71

1.7 1.7 1.8 1.71.9 1.9 1.9

1.8

1.5

Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

External reserve (USD billion) Crude oil price (USD/pb) Crude oil production (mbpd)

SLOWDOWN IN GROSS DOMESTIC PRODUCT RATE AMIDST RISING INFLATION

TECHNICAL DEVALUATION OF THE NAIRA IMPACTS FOREIGN EXCHANGE DEMAND

Challenging operating environment in the first half of the year with major headwinds from COVID-19 and falling crude prices as major triggers

*Source: CBN, OPEC

Report, FMDQ, NBS

11

• Traders unable to travel to China, Dubai or

other countries to stock up causing

inventory build up with expiry dates

approaching

• Daytime heat affects fresh produce.

Curfews imposed on traders make it

difficult to transport perishables such as

meat at night

National Impact Global Impact

• Increased discretionary income for

the recently employed. US likely to

record a growth in personal

consumption expenditures

• 2nd outbreak of infection recorded

in China and Australia due to

increased international travels and

resumption of activities

• Brent crude oil increases to over

$40/barrel due to massive output

cuts

Ardova Plc Impact

• FG removal of fuel price cap coupled

with new PMS prices make for

attractive margins in the immediate

term

• Airports re-opening worldwide

enables revenue earnings from ATK

and the kickoff International supply

partnerships

• Bleak outlook within the oil sector

creates headroom for AP to ramp

ramp up diversification efforts to

become frontliners in the renewable

energy space

18 263 542 global confirmed cases

• Recovery of oil prices as OPEC cuts output

but accumulated inventories from previous

months will force the prices downward or

place a cap on the current trajectory

• New cases of COVID in oil producing

countries like Brazil (2nd highest number of

deaths) sparks concerns into the future of

oil markets

Border Closures and

Imposed CurfewsOil Price Recovery

• Slow recovery predicted for the airline

sector as operations re-commence. IATA

estimates a 50% decline in passenger

revenue

• Significant reduction in traffic volume will

affect credit profile and competitive stance

of airlines

Airline Operations

Impact

✈Triggers

• Increased inflow of economic

contributions by migrants and diaspora

• As airlines re-commence activities, a surge

in infection rates is likely to mount more

pressure on health spending , compound

Nigeria’s debt portfolio and cause a

further drop in domestic demand

• PPPRA increased petrol prices between

N140.80 to N143.80 to reflect the recent

change in direction of the global crude

market

COVID-19 and worldwide easing of

Lockdown

Increased compliance to OPEC+

production output (9.7mbpd) cut in

June

Job gains of 4.8 million in June as US

unemployment drops to 1.1%

Reduction in oil supply due to OPEC

cuts

Olumide Adeosun

13

Moshood Olajide

Executive Director

Finance & Risk Management – Ardova Plc

….energy for a brave new world

Financial Highlights

14

Sustainable

Earnings

20% of our revenue over

the next three years will come from low carbon

and renewable sources. We are confident in our

brands ability to deliver

8.4%

Key Performance Ratios

6.4%Gross Profit MarginOperating Margins

Returns & Operational Efficiency

Cash flow &Leverage

H1 2020 H1 2019

Gross margins was driven largely by the fuels and lubricant business

2.2%2.8%Operating Margin1

-1.4%2.6%Profit Margin2

6.7%6.1%

1.0%1.7%

1.2%

6.7%

-3.4%13.0%Return on Average Equity3

Adjusted return on average equity reflects robust operational efficiency drive

1.0%7.2%Return on Average Asset4

5.1%Operating Cost/Revenue

88.6%

0.7x4.3xInterest Cover4

37.8%Gearing Ratio

Significant improvement in operating efficiency amidst inflationary pressure

Operating margin performance was primarily driven by efficiency drive with a 20% reduction in operating expense

Profit margin normalizing for one off items reflect resilience and sterling growth in profitability

Core asset optimization results in profitable returns

Earnings sufficiently covers borrowing cost

Well optimized capital structure with low gearing ratio

1 Operating margin is normalised and adjusted for one off items (recognition of subsidy and asset disposal) in H1 20192 Profit margin is normalised and adjusted for one off items (recognition of subsidy and asset disposal) in H1 20193 Return on average equity is normalised and adjusted for one off items (recognition of subsidy and asset disposal) in H1 20194 Return on average asset is normalised and adjusted for one off items (recognition of subsidy and asset disposal) in H1 20195 Interest cover is normalised and adjusted for one off items (recognition of subsidy and asset disposal) in H1 2019

15

Gross margin improved significantly in the second quarter of the year, a testament to our drive to optimize core earnings

5.4%7.3%

Q1 20 Q2 20

Quarterly Gross Margin

• Gross margin grew significantly in

the second quarter to 7.3% in Q2

2020 from 5.4% in Q1 2020 and

from 6.3% in the corresponding

period in 2019

• This sterling performance in gross

margins reflects our resolve to

maximise our core earnings and

minimize cost

• Our margin performance in Q2 2020

was driven by a 33.6% reduction in

cost of sales from Q1 2020 as well as

a 13.3% reduction in cost of sales in

the corresponding quarter in 2019

SIGNIFICANT IMROVEMENT IN GROSS MARGINS (%) IN Q2 2020

16

6.3%

7.3%

Q2 19 Q2 20

Quarterly Gross Margin

35.2%15.9%

GROSS PROFIT N’BILLION

2.78 2.55

Q1 20 Q2 20 H1 20Q1 20 Q2 20 H1 20

5.30

Significant growth in profitability by 487% adjusting for the one of items and (loss) incurred in half year 2019

61.82 82.78 87.31

H1 18 H1 19 H1 20

Gross Revenue

1.1%

-1.4%

1.2%

3.3%

1.0%

1.7%

H1 18 H1 19 H1 20Profit Before Tax Margin Operating Margin

• Revenue grew by 5.5% y-o-y, to₦87.3billion in H1 2020 (N82.7

billion H1 2019). The growth in

revenue was primarily driven by 7%

growth in the fuels business

constituting 91% of revenue. The

lubricant business constituting 9.% of

total revenue also contributed to

revenue performance

• In the first half of 2020 Operating expense declined by 20% reflecting

our consistent drive to improve

operational efficiency and maximise

returns

• Adjusting for the one-off items

(accrued interest on subsidy and

disposal of assets Profit before tax increased significantly by 498% to ₦1.2 billion in H1 2020 (₦ (0.3)

billion in H1 2019)

• Similarly, profitability margins pitched in higher at 1.7% and 1.2%

respectively

GROSS REVENUE OF > N87.3BN

CAGR:

12.2%

CAGR:

40.6%

31%

Y-o-YGrowth

PROFIT AFTER TAX > N1.0BN

5.5%

Y-o-YGrowth

PROFIT BEFORE TAX > N1.2BN

0.66

(0.29)

1.17

H1 18 H1 19 H1 20

498%

Y-o-YGrowth

CAGR:

21.0%

STERLING GROWTH IN PROFITABILITY MARGINS1

Profit After Tax normalizing for one-off items in (H1: N0.29billion) 2019 grew by 498% to N1.17billion

Profit After Tax

normalizing for one-off

items in (H1: N(1.1)billion)

2019 grew by 186% to

N1.01billion

17

0.36

(1.10)

1.01

H1 18 H1 19 H1 20

186%

Y-o-YGrowth

1 Operating margin is normalised and adjusted for one off items (recognition of subsidy and asset disposal) in H1 2019

Resilient balance sheet with a well optimised capital structure

15.14 17.55 18.56

FY 18 FY 19 H1 20

0.95 1.13 4.30

FY 18 FY 19 H1 20

Interest Cover

• Shareholders fund grew by 5.8% y-

t-d, to N17.5 billion in H1 2020

(N18.6 billion FY2018) as a result of a

11.5% growth in retained earnings.

• Cleaner balance sheet and well

optimized capital structure with

gearing ratio improving to 37.8% in

H1 2020 compared to 88.6%

achieved in corresponding period

• Earnings generating capacity

remained sufficient to cover existing

debt/borrowing with normalised

interest cover printing at 4.3x in H1

2020 relative to 0.7x in H1 2019

• Total assets dipped 3.2% y-t-d to

N45.3billion majorly driven by a

35.8% decline in intangible assets

SHAREHOLDER FUND > N17.5Billion

60.73 47.02 45.34

FY 18 FY 19 H1 20

31%

Y-t-DGrowth

TOTAL ASSET > N45.3Billion

8%

353%

Y-o-YGrowth

IMPROVED GEARING RATIO BUILDS STRONG CAPITAL STRUCTURE

136.8% 34.6% 37.8%

FY 18 FY 19 H1 20

REVENUE LINES SUFFICIENT TO COVER BORROWING COST

3.2%

18

Analysis of products by volume of sales

554,680,485

42,354,738

8,042,101 9,920,883 281,480 697,075 48

PMS - Premium Motor

Spirit

AGO - Automotive Gas Oil ATK - Aviation Turbine

Kerosene

Lubes DPK - Dual Purpose

Kerosene

Liquified Petroluem Gas |

Cylinder

Solar

H1 2020

H1 2019

28.2% 29.6% 37.7% 11.9% 83.7%100% 100%y-o-y

Volume of sale

432,691,398

60,164,212

5,841,622 11,263,352 - - 295

PMS - Premium Motor

Spirit

AGO - Automotive Gas Oil ATK - Aviation Turbine

Kerosene

Lubes DPK - Dual Purpose

Kerosene

Liquified Petroluem Gas |

Cylinder

Solar Home System

Volume of sale

Litres

Litres

Aggregate Volume of 615.9 million in

H1 2020 Growth of 20.8% y-o-y

Aggregate Volume of 509.9 million in H1

2019

New product line

19

Gained market share and ranked 1st in Premium Motor Spirit (PMS) sales volume compared to peers

MARKET SHARE OF PREMIUM MOTOR SPIRIT (PMS) (% VOLUME) MARKET SHARE OF AUTOMOTIVE GAS OIL (AGO) (% VOLUME)

1. Source: MOMAN Market share is an aggregate of volume of sale of the top (6) quoted downstream oil and gas players

MARKET SHARE OF LUBES (% VOLUME) MARKET SHARE OF AVIATION TURBINE KEROSENE (% VOLUME)

3.2%

3.8%

10.3%

11.0%

23.0%

48.8%

Peer 5

Peer 4

Peer 3

Ardova

Peer 2

Peer 1

4.6%

5.3%

9.2%

9.6%

18.3%

53.0%

Peer 5

Peer 4

Peer 3

Peer 2

Ardova

Peer 1

H1 2019 (% volume) H1 2020 (% volume)

3.3%

3.9%

8.3%

21.8%

23.8%

38.9%

Peer 5

Ardova

Peer 4

Peer 3

Peer 2

Peer 1

6.2%

6.8%

15.6%

21.0%

25.1%

25.4%

Peer 5

Ardova

Peer 4

Peer 3

Peer 2

Peer 1

H1 2019 (% volume) H1 2020 (% volume)

7.0%

9.3%

18.8%

20.0%

21.3%

23.6%

Peer 6

Peer 5

Ardova

Peer 3

Peer 2

Peer 1

6.5%

8.6%

18.4%

19.8%

20.0%

26.7%

Peer 6

Peer 5

Peer 4

Peer 3

Peer 2

Ardova

H1 2020 (% volume)H1 2019 (% volume)

3.0%

4.6%

12.9%

15.7%

30.7%

33.0%

Peer 5

Peer 4

Peer 3

Ardova

Peer 2

Peer 1

H1 2019 (% volume) H1 2020 (% volume)

4.7%

4.9%

12.2%

15.3%

22.0%

40.9%

Peer 5

Peer 4

Peer 3

Ardova

Peer 2

Peer 1

20

Well diversified products base with core focus on growing non-fuel revenue

Fuels

Lubricants

Renewables

Low carbon energy

• Revenue from the fuels business grew by 7% to N79.4billion in H1 2020 compared to N74.3billion in the corresponding period. The performance of

the fuels business was primarily driven by increased supply of premium motor spirit over the period. PMS volume grew by 28.2% y-o-y with an

aggregate contribution of 90.0% to total sales volume. This was followed closely by a 37.7% growth in supply of Aviation Turbine Kerosene (+37.7%

y-o-y)

• In terms of revenue PMS, AGO and Lubes contributed 98% to overall revenue generated

• Ardova achieved a market share of 26.7% making it the industry leader by PMS market share at the end of H1 2020

▪ Our Lubricants and grease segment contributed 9% to total revenue closing at N7.8billion (H1 2019: N8.4billion). Volume of sales, however, reduced

during the period by 11.9%

▪ Industry market share for our lubricant business, increased from at 11% to 18% in H1 2020

▪ We will continue to ramp up production capacity of our LOBP plant in the coming months

▪ Our solar home system (SHS) business achieved a revenue of N7.3million compared to N27.3million in corresponding period. We will continue to make

investments in clean energy and lower carbon fuels and broaden our customer base to become a dominant player in the energy space. Our projection

is to achieve a 20% contribution to revenue from renewables and low carbon energy by 2024 . Currently, the business is exploring partnerships with

industry experts in the renewables space through solar, waste to energy and battery as a service solutions

• Low carbon energy through Liquefied Petroleum Gas (LPG) is our mainstay for clean energy solutions and the transformation of our company

into an energy company of the future. Currently significant investments are underway to achieve the desired level of success in this segment. At the end of H1 2019 our LPG business through cylinder sales delivered a revenue of N3.5million

21

As a forward-thinking organization, we stress tested our business operations amidst the prevailing widespread COVID-19 pandemic and built financial resilience

Mitigation

Scenario

1 – Best case

• Nigeria experiences isolated orsmall cluster of outbreak. Nowidespread outbreak.

• Economy opens by the end of Q2and recovery starts in 2020

• Economic impacts are driven byglobal knock-on effects on tradeand travel.

• Pent-up demand is unleashed onthe economy at the end of Q2

2 – Mid case

• Nigeria experiences medium-sized

cluster of outbreak. No widespread

outbreak but government extends

lockdown.

• Economy opens early Q3 and

recovery starts in 2020

• Pent-up demand is unleased on the

economy at the back end of Q3.

• Economic impacts are driven by

global knock-on effects on trade

and travel.

3 – Worst case

• Nigeria experiences large cluster of outbreak. There is wide spread of outbreak.

• Country-wide lock down till the end of Q3 (or beginning of Q4).

• Economy opens in Q4- Recovery starts in 2021.

• Economic impact is driven by the local

lockdown and the global knock-on effects on trade and travel.

Impact on Business

• Circa 8% of our annual projected volume lost

• Mild delay in our transformation programme will have knock on effect on our delivery timelines

• Circa 15% of our annual projected volume lost

• Delay in our transformation project by a quarter.

• Circa 20%-25% of our annual projected volume lost

• Most items on the transformation project to be delayed to 2021

Focus on finalising plans for accelerated deployment of transformation plan post-COVID

Accelerated Pace of Energy Transition

Business LiquidityPartnership

22

Strategic Outlook

When tomorrow comes

We’ll be ready

We’re intentional about

building an energy company designed for the future

23

Consistently delivering notable milestones along our strategic priorities and themes

• Corporate Brand name

changed

• Ongoing marketing and

communication

initiatives to position

Ardova Plc as a

downstream energy

market leader

• Constant media

publication on

renewables and clean

energy solutions

Sustainability Brand Core Asset Optimization

Strategic Partnerships

People

• Twelve pilot stations

now 100% solar

powered

• Launched a wholly

owned subsidiary for

trucks with an

international logistics

partner

• Completed the pilot

phase of automating

some of our retail

stations for real-time

retail station

information

management and

inventory control

• ISO 9001 Certification

renewed for our

operations center

affirming our

commitment to quality

and safety

• Advancing discussion

with expert leaders in

the renewable sector

to develop a fit-for-

purpose solution for

each region

• In line with our

partnership with Five

Cowries, the 1st

Edition of our

educational leaflet

has been produced

• Solidified our

partnership with

international oil

majors and initiated

partnerships talks on

renewables

• NFR Partnerships

with Banking

Agencies

• Kick off on Retail

Station Renovation

• Tender launch for

Apapa Terminal

Corridor & Fuel dump

development

• RFQ FEED for the

proposed 15000MT

Bulk LPG terminal

• Station expansion:

inclusion of 3 new

lease stations and

purchase of 2

stations

• Executed lean agile

work force as a

response to the

COVID 19 pandemic

• Health and safety

guidelines were

developed, and all

staff underwent

mandatory training.

• Deployment of

online trainings for

staff members

24

Our strategic focus is premised on a new company that will remain operational in the next 55 years.

Operational Efficiency

We will continually commit to

rein in cost while maximizing our

revenue streams and optimize

core assets. Deliberately we will

work at achieving significant

market share across all our white

products and non-fuel revenue

lines

Superior customer Experience

As a customer centric institution,

we will grow our customer base

responsibly across all our

geographical locations to ensure

repeat business

Innovation Partnership

We will make one-off

investments that will yield

sustainable returns as part of our

drive to future proof our

business

Strategic Outlook for

H2 2020

In line with our vision of

being the most

reputable African

energy solution brand,

committed to driving the

continent’s growth, we

will leverage innovative

technology and commit

strongly to delivering

superior customer

experience.

In the second half or

2020, our focus will be

on;

✓ Operational Efficiency

✓ Building superior

customer experience

✓ Innovation

✓ Partnership

With the fast-changing business

environment, more emphasis and

investment will be made on

innovative capabilities across

the energy value chain

25

Appendix

Clean energy

sources

We are conscious and

concerned about the environment. This is why

we are evolving beyond fossil fuel and have

chosen to invest and advance new frontiers in

renewable energy solutions

26

Profile: Board of Directors

Mr. Sowami is the founder & Chief Executive Officer of Prudent

Energy & Services Ltd, a $600million gross-revenue mid to

downstream company. He sits on the boards of several companies

including Prudent E&P Ltd, FES Energy Ltd (UAE), Ignite Investment &

Commodities Ltd, Prudent Gas Ltd and Prudent Effsow Commodities

Ltd.

By developing and leveraging on first tier relationships with

leadership of international trading companies, including Glencore,

Shell Trading Rotterdam, Vitol and BP Oil International Ltd, Mr.

Sowami has amassed a combined trading line of over US$100million.

Mr. Sowami is also well known for his philanthropy. He established

the Abdul-Lateef & Sanni Foundation to build schools and provide

scholarships to indigent students

Education & Certifications: Mr. Sowami holds an M.Sc. in Corporate

Governance from Leeds Beckett University, England and a B.Sc. in

Sociology from University of Maiduguri. He is a member of the

institute of Directors, Nigeria

AbdulWasiu O. Sowami

Chairman

With. Over 18 years of experience in oil and gas, renewable

energy, power and strategy. Olumide has a proven track record

of senior leadership and strategic foresight. He is a recognized

thought leader in the energy sector

Olumide provided advisory services to multinational clients at

PricewaterhouseCoopers (PwC), London and then worked as a

consultant to British Petroleum (BP) Plc. And eventually went

on to become Vice President, Commercial Development &

Operations for BP’s Nigeria Trading business

Prior to his recent appointment as Chief Executive Officer,

Ardova Plc, Olumide led the Energy & Power (West Africa)

Practice at PwC.

He held various leadership roles, including Head of Strategy

Consulting for West Africa and Head of Capital Projects and

Infrastructure. Notably, he co-led the buy-side advisory of one

of the largest acquisition deals in the Nigerian downstream oil

and gas sector

Education & Certifications: Olumide holds a B.Sc. In Architecture

from Woodbury University, California and an M.Sc. in

Information Security and Mathematics from Royal Holloway

College, University of London

Olumide Adeosun

Chief Executive Officer

Mr. Olajide has experienced rapid growth as a Chartered

Accountant and Tax Professional due to his versatility and

diligent work ethics

His responsibilities at PwC, a multi-disciplinary firm, spanned

financial reporting and regulatory services, statutory audits,

capital projects, infrastructure deals, energy, utility and mining

deals advisory and structuring, general tax advisory, compliance

services, client training services and company secretarial

services spanning multiple sectors of the economy and more

notably in Oil and Gas.

Prior to joining PwC, he had a stint with Aluko & Oyebode Law

Firm where he had the responsibilities for general legal

advisory, company secretariat, negotiation of commercial

agreements, litigation and arbitration

Education & Certifications: Mr. Moshood holds an LL.B from

Obafemi Awolowo University and an LL,M Degree from

Columbia Law School. He is a member of the Association of

Chartered Certified Accountants (ACCA), the Nigerian Bar

Association (NBA), the New York Country Lawyers’ Association

(NYCLA) and the Chartered Institute of Taxation of Nigeria

(CITN)

Moshood Olajide

Executive Director

Finance &

Risk Management

Mr. Umar has over 20 years of experience in the oil, gas and

energy sector. Over time, he has played a significant role in shaping

the maritime industry evidenced by the various roles and capacity he

has served in. He currently serves as the President of Nigeria Ship-

Owner’s Association (NISA) and is a member of the Ministerial

Committee on Nigerian Fleet implementation Committee Member and

the Advisory Council to the Executive Management of Nigerian

Maritime Administration and Safety Agency (NIMASA)

Mr. Umar started his career as an accountant with the Overseas

Agency Nigeria Ltd (OAN) and eventually rose to become the

Managing Director between 2001 and 2007

He is the Founder and CEO of Sea Transport Services Nig. Ltd, one of

the leading commercial managers of tanker vessels in Nigeria. As

MD/CEO of the Sea Transport Services Group, Mr. Umar has led the

company on a consistent growth trajectory over the last ten (10)

years with the business conservatively valued at over $100million

and growing his fleet to a total capacity of 350,000 Metric Tonnes.

Mr. Umar is also Founder and Managing Director of integrated

Shipping Services Nig. Ltd, the largest indigenous tanker port agency

firm in Nigeria for Products, Crude and LNG tankers

Education & Certifications: Mr. Umar holds a B.Sc. In Accounting from

the University of Maiduguri

Mr. Adeeyo is a tested, trusted and seasoned professional

in the finance, banking and business fields. He is Founder and

CEO of Astral Waters Ltd, a leader in quality water delivery. He

is also the founder of Protea Hotel Oakwood Park Lekki, a 4

Star Hotel which is part of an international hotel brand

managed by Protea Hotel Group of South Africa. Previously, he

was the Managing Director of Asset & Investment Ltd, a

financial services company which he funded and managed

He currently serves as an independent director and the

Chairman of the Corporate Governance and Remuneration

Committee of the Central Securities and Clearing Systems Plc.

He is also the Group Chairman of AXA Mansard Insurance Plc

and sits on the boards of several other reputable companies in

Nigeria

Education & Certifications: Mr. Adeeyo holds an M.A. in

International Relations form NorthEastern University, Boston,

USA in addition to B.A. in Political Science from the University

of New York, Albany, USA

With an impressive career spanning over 35 years, Mrs.

Durosinmi-Etti is a very experienced Barrister at Law, who

started off her career as an Associate at Udoma Udo Udoma

Law Firm. She went on to open her own legal practice under the

name AJ.Durosimi-Etti & Co. and then consulted for Udoma &

Bello-Osagie Legal Practitioners, and served as a Director at

GoldHaze Ltd.

She is currently a Director & Deputy Managing Director at

Linkage Assurance Plc, where she successfully piloted the

company through landmark transformational phases of growth,

among which were their initial Public offer in 2003 and another

Public offer in 2005.

Subsequently, she steered the company through the challenges

of recapitalization and an eventual merger with Central

Insurance Company Ltd

Education & Certifications: Mrs. Durosinmi-Etti holds an LL,M

from the University of Cambridge, a BL (Barrister-at-Law) from

the Nigerian Law School, Lagos and an LL.B from University of

Lagos.

Mohammed Aminu Umar

Non -Executive

Director

Olusola Adeeyo

Independent

Non-Executive DirectorAnlola Durosimi- Etti

Independent

Non-Executive Director

27

Questions &

Answers

Energy for a

Brave New World

28

₋ Gross Profit refers to Revenue minus Cost of sales.

₋ Gross Profit Margin corresponds to Gross Profit as a % of Revenue.

₋ Operating Expenses corresponds to Selling and distribution expenses, Administrative expenses and Other operating expenses.

₋ Profit before Tax Margin corresponds to Profit before Tax as a % of Revenue.

₋ Return on Equity (annualised) corresponds to Net Profit reported to average Total Equity.

₋ Quick Ratio is defined as Current Assets minus Inventories reported to Current liabilities.

₋ Current Ratio is defined as Current Assets reported to Current liabilities.

₋ Gearing is defined as Total borrowings reported to Total Equity.

₋ Interest cover ratio is defined as PBT reported to finance costs.

Definitions of terms

29

Thank You

For more information, please contact

30

Adebola Olatunbosun

Investor RelationsEmail: a.olatunbosun@ardovaplc.com

investorrelations@ardovaplc.comM: 09010965168 | T: +234 1 2776100 | Ext: 1073