Ardova Plc (formerly Forte Oil PLC) is an indigenous energy group, headquartered in

Lagos Lagos ( ; ), or Lagos City, is a large metropolitan city in southwestern Nigeria. With an upper population estimated above 21 million dwellers, it is the largest city in Nigeria, the most populous urban area on the African continent, and on ...

Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...

, with extended operations in

Ghana Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...

. 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 Petroleum products are materials derived from crude oil (petroleum) as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. Most ...

; Premium Motor Spirit (PMS),

diesel Diesel may refer to: * Diesel engine, an internal combustion engine where ignition is caused by compression * Diesel fuel, a liquid fuel used in diesel engines * Diesel locomotive, a railway locomotive in which the prime mover is a diesel engine ...

aviation fuel Aviation fuels are either petroleum-based or blends of petroleum and synthetic fuels, used to power aircraft. They have more stringent requirements than fuels used for ground applications, such as heating and road transport, and they contain add ...

kerosene Kerosene, or paraffin, is a combustibility, combustible hydrocarbon liquid which is derived from petroleum. It is widely used as a fuel in Aviation fuel, aviation as well as households. Its name derives from the Greek (''kērós'') meaning " ...

, 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 Olufemi Peter Otedola (born 4 November 1962) is a Nigerian businessman and philanthropist. He is the former chairman of Forte Oil PLC, and is the current executive chairman of Geregu Power PLC. Femi Otedola made his first fortune in commodit ...

was 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 A lawsuit is a proceeding by one or more parties (the plaintiff or claimant) against one or more parties (the defendant) in a civil court of law. The archaic term "suit in law" is found in only a small number of laws still in effect today ...

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

Board of directors

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

External links

Official website
{{Webarchive, url=https://web.archive.org/web/20220915213046/http://www.forteoilplc.com/ , date=15 September 2022
Bloomberg.com
Oil and gas companies of Nigeria Companies based in Lagos Companies listed on the Nigerian Stock Exchange Non-renewable resource companies established in 1964 Nigerian brands Nigerian companies established in 1964