A.P. Moller Capital is set to exit its investment in Powergas after agreeing to sell the Nigerian compressed natural gas company to a consortium led by Ardova Plc and including Diadem Energy.
The transaction involves the acquisition of Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited, collectively known as Powergas, one of Africa’s major compressed natural gas (CNG) producers and virtual pipeline distributors.
A.P. Moller Capital announced the transaction on Friday, September 25, 2026, saying the sale represents the exit of its Africa Infrastructure Fund I (AIF I) from the investment.
Powergas
Powergas was founded in 2013 by Clean Energy Group to distribute natural gas to industrial and commercial customers beyond areas served by Nigeria’s fixed gas pipeline network.
Its business model involves compressing natural gas and transporting it through a virtual pipeline network to customers, providing an alternative to diesel-fired power generation.
A.P. Moller Capital made Powergas its first investment through Impala Energy Holdings in April 2019. It subsequently supported the company through development, construction, commissioning and expansion.
Powergas began operations in 2020, while its Ebedei compression plant was commissioned in 2021.
The Ebedei project was developed to monetise gas that would otherwise have been flared, converting it into energy for industrial and commercial customers.
Since then, Powergas has expanded its distribution footprint across southern Nigeria, including the South-East, South-South and South-West regions.
The company supplies compressed natural gas to customers that are beyond the reach of Nigeria’s conventional gas pipeline infrastructure.
According to A.P. Moller Capital, Powergas has also generated environmental benefits by capturing gas that would otherwise have been flared and supplying it to customers that use it as an alternative to diesel generators.
Ardova’s Growing Nigerian Gas Portfolio
The transaction also expands Ardova’s position in Nigeria’s energy market beyond its existing petroleum products and LPG businesses.
Ardova has operations spanning retail fuels, liquefied petroleum gas, shipping, aviation fuel, lubricants and logistics. The acquisition will add a natural gas platform to its existing energy and infrastructure portfolio.
The sale marks the latest investment exit by A.P. Moller Capital from its African infrastructure portfolio, following years of investment in developing Powergas’ operations and distribution network in Nigeria.
