Oil billionaire, AbdulWasiu Sowami, offers N16.8bn to takeover Ardova, awaits court decision

Ardova Plc has began the move to go private, as Ignite Investments & Commodities Limited, owned by AbdulWasiu Sowami, has offered to buy out minority shareholders.

Sowami had acquired Ardova from billionaire, Femi Otedola, in 2019. At the time, Ardova was known as Forte Oil. He bought 74.02 per cent through Ignite Investments.

The founder of Ignite Investments is now looking to have complete control of Ardova by buying out the 25.9 per cent or 970.7 million units of shares in the hands of minority shareholders.