Ardova Plc
{{short description|Nigerian oil company}}
{{Use dmy dates|date=June 2022}}
{{Use Nigerian English|date=June 2022}}
{{Infobox company
| name = 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 = {{profit}} ₦96.8 billion (Third Quarter 2017)
| operating_income = {{profit}} ₦9.7 billion (Third Quarter 2017)
| num_employees = 405
| homepage = [https://www.ardovaplc.com/ 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.{{Cite web |last=Okonkwo |first=Omono |date=2023-05-12 |title=Ignite Ltd completes $19 million payment to Zenon for acquisition of Ardova Plc. |url=https://nairametrics.com/2023/05/12/ignite-ltd-completes-19-million-payment-to-zenon-for-acquisition-of-ardova-plc/ |access-date=2024-05-23 |website=Nairametrics |language=en-US}}
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.{{Cite web |last=Maduakor |first=Nnamdi |date=2022-08-09 |title=We are not party to wind-up court case instituted by Zenon Petroleum- Ardova Plc |url=https://investogist.com/we-are-not-party-to-wind-up-court-case-instituted-by-zenon-petroleum-ardova-plc/ |access-date=2024-05-23 |website=Investogist |language=en-GB}}
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{{Cite news|url=https://www.forbes.com/sites/mfonobongnsehe/2015/06/30/nigerian-billionaire-femi-otedolas-forte-oil-signs-83-million-contract-with-siemens/|title=Nigerian Billionaire Femi Otedola's Forte Oil Signs $83 Million Contract With Siemens|last=Nsehe|first=Mfonobong|work=Forbes|access-date=2017-08-29|language=en}}
Board of directors
As of 1 September 2023, Forte Oil's directors include:{{Cite web |title=Ardova Plc: Shareholders Board Members Managers and Company Profile {{!}} NGAP00000004 {{!}} MarketScreener |url=https://www.marketscreener.com/quote/stock/ARDOVA-PLC-9062283/company/ |access-date=2025-02-17 |website=www.marketscreener.com |language=en-US}}
:*Abdulwasiu O. Sowami – Group Executive Chairman
:*Moshood Olajide – Chief Executive Officer
:*Olusola Adeeyo – Non-Executive Director
:*Aniola Durosinmi-Etti – Non-Executive Director
:*Aminu Umar – Non-Executive Director
:*Alhahi Umaru Sani - Non-Executive Director
References
{{Reflist}}
External links
{{Portal|Nigeria|Energy}}
- [http://www.forteoilplc.com/ Official website] {{Webarchive|url=https://web.archive.org/web/20220915213046/http://www.forteoilplc.com/ |date=15 September 2022 }}
- [https://www.bloomberg.com/quote/FO:NL/profile Bloomberg.com]
Category:Oil and gas companies of Nigeria
Category:Companies based in Lagos
Category:Companies listed on the Nigerian Stock Exchange
Category:Non-renewable resource companies established in 1964