Acorn Petroleum Plc, one of Nigeria's fastest growing oil and gas companies, has entered into an agreement to acquire 90% of the Pegaz Group S.A. of the Republic of Benin.

The Guardian reports that the Pegaz Group is a holding company involved in storage and distribution of petroleum products and logistical services in the Republic of Benin.

Wande Akinpelu, Acorn Petroleum’s head of strategy and business development said the acquisition would improve the company’s capacity to become a leading player in the oil and gas industry and create value for its shareholders.