Ardova Plc

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.

Ardova Plc
TypePublic
IndustryOil and Gas
Founded1964 (British Petroleum Nigeria Limited)
Headquarters
Victoria Island, Lagos
,
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)
ProductsPetroleum products
Fuel Oils
Jet A-1 fuel
Lubricants
Gas cylinder
RevenueIncrease ₦96.8 billion (Third Quarter 2017)
Increase ₦9.7 billion (Third Quarter 2017)
Number of employees
405
Websiteardovaplc.com

Acquisition

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

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.

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.

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[1]

Board of directors

As of 20 June 2019, Forte Oil's directors include:

  • Abdulwasiu Sowami - Chairman
  • Olumide Adeosun - Chief Executive Officer
  • Moshood Olajide - Chief Financial Officer
  • Olusola Adeeyo - Non-Executive Director
  • Durosinmi-Etti Aniola - Non-Executive Director
  • Aminu Umar - Non-Executive Director

References
  1. Nsehe, Mfonobong. "Nigerian Billionaire Femi Otedola's Forte Oil Signs $83 Million Contract With Siemens". Forbes. Retrieved 29 August 2017.
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