Ardova Plc Explained

Ardova Plc
Type:Public
Industry:Oil and Gas
Foundation:1964 (British Petroleum Nigeria Limited)
Location City:Victoria Island, Lagos
Location Country:Nigeria
Area Served:West Africa
Key People:Abdulwasiu Sowami (Chairman)
Olumide Adeosun (Chief Executive Officer)
Moshood Olajide (Chief Financial Officer)
Oladeinde Nelson Cole (Legal Adviser)
Products:Petroleum products
Fuel Oils
Jet A-1 fuel
Lubricants
Gas cylinder
Revenue: 96.8 billion (Third Quarter 2017)
Operating Income: 9.7 billion (Third Quarter 2017)
Num Employees:405
Homepage:ardovaplc.com

Ardova Plc (formerly Forte Oil PLC) is an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana. It operates majorly in the downstream sector of the Nigeria’s Oil and Gas industry, but has diversified its businesses into other sectors of the energy value chain. The downstream division specializes in the distribution of a wide range of petroleum products; Premium Motor Spirit (PMS), diesel, aviation fuel, kerosene, as well as a range of lubricants for various automobiles and machines; distributed mostly to the automobile, industrial, aviation and marine markets.

Acquisition

Energy mogul Femi Otedola was awarded $19 million in an arbitration case regarding the share purchase agreement (SPA) relating to the acquisition of Forte Oil, now Ardova Plc.[1]

The agreement was reached in response to a decision made by the London Court of International Arbitration (LCIA) in October, which mandated that Ignite Investments and Commodities Limited, Chairman Abdulwasiu Sowami of Ardova's special purpose acquisition company, make SPA payments less the sum granted for one of Zenon Petroleum's claims.

Later, the business would argue that Zenon Petroleum had infringed on its warranty with regard to the SPA, which prompted Ignite Investments to file a lawsuit in which it asserted claims against Zenon.[2]

In order to acquire their 25.9% holding (970.7 million shares) and take Ardova private, Mr. Sowami offered minority shareholders N17.38 per share, or N16.9 billion, in February. https://www.premiumtimesng.com/business/business-news/598104-otedola-receives-19-million-in-arbitration-award-from-ardova-over-forte-oil-sale.html

History

In 2015 they signed an $83 million contract with Siemens to upgrade the 414 MW plant, the work is due to be completed in 2016[3]

Board of directors

As of 1 September 2023, Forte Oil's directors include:

External links

Notes and References

  1. Web site: Okonkwo . Omono . 2023-05-12 . Ignite Ltd completes $19 million payment to Zenon for acquisition of Ardova Plc. . 2024-05-23 . Nairametrics . en-US.
  2. Web site: Maduakor . Nnamdi . 2022-08-09 . We are not party to wind-up court case instituted by Zenon Petroleum- Ardova Plc . 2024-05-23 . Investogist . en-GB.
  3. News: Nigerian Billionaire Femi Otedola's Forte Oil Signs $83 Million Contract With Siemens. Nsehe. Mfonobong. Forbes. 2017-08-29. en.