Energy tycoon Femi Otedola has received $19 million in arbitration award over the share purchase agreement (SPA) involving the sale of Forte Oil now Ardova Plc, a source with knowledge of the subject told PREMIUM TIMES.
The settlement followed a ruling last October by the London Court of International Arbitration (LCIA), ordering Ignite Investments and Commodities Limited, the special purpose acquisition company of Ardova’s Chairman Abdulwasiu Sowami, to make SPA payments less the amount awarded for one of the claims by Zenon Petroleum.
Ignite Investments in 2019 agreed with Forte Oil to acquire 983 million shares equal to a 75 per cent stake from the latter, a deal worth N64.9 billion to be paid in three instalments.
