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Ardova dismisses reports on winding up of majority investor over $6m debt

Ardova Plc has reacted to reports on the winding up of its largest shareholder, Prudent Energy and Services Limited (PESL), over failure to meet its debt obligations to Zenon Petroleum and Gas Limited, IgbereTV reports

Prudent Energy had through Ignite Investments and Commodities Limited acquired 74.02 percent stake in Ardova from Zenon Petroleum, owned by billionaire businessman, Femi Otedola, at the cost of $200 million in 2019.

The company owned by a billionaire investor, Abdulwasiu Sowami, is expected to pay the balance of $6 million to Zenon Petroleum on June 18.

Sowami is also the chairman of Ardova Plc.

Following Prudent Energy’s failure to pay the $6 million, Zenon Petroleum approached the court to wind up the company and take over its shares in Ardova in exchange for the money.

Ardova is valued at N16.9 billion in the Nigerian capital market with Prudent Energy’s investment in the firm valued at N12.6 billion

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