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‘We’re not a party’ — Ardova Plc reacts to winding-up suit against Prudent Energy

‘We’re not a party’ — Ardova Plc reacts to winding-up suit against Prudent Energy
August 09
19:53 2022

The management of Ardova Plc says there are no winding-up petitions filed against the company. 

In a corporate filing on the Nigerian Exchange (NGX) on Tuesday, Oladehinde Nelson-Cole, Ardova’s company secretary, said the reports about the company were misleading.

Nelson-Cole said the issue was between Ignite Investments and Commodities Limited and Zenon with its affiliates. 

“The issues relate to the claims and warranties under the Share Purchase Agreement (“SPA”) between Ignite Investments and Commodities Limited (“Ignite”) and Zenon together with its affiliates for the acquisition of shares in Forte Oil Plc (now Ardova Plc),” the statement reads. 

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“There are no winding-up petitions threatened or filed against Ardova Plc in respect of these issues or any other issue.

“For the avoidance of doubt, Ardova Plc is not a party to any of the proceedings, and the proceedings neither affect Ardova Plc’s rights nor create any liability for Ardova Plc in any way.”

While confirming the winding-up suit, Ardova said there were ongoing efforts at resolving the dispute. 

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“Ardova wants to avoid being drawn into a media spectacle and considers it important to clarify that this report relates to a dispute between former shareholders and a current shareholder and has nothing to do with Ardova Plc as a separate entity,” it added.

On Monday, reports emerged that Zenon Petroleum and Gas Limited had filed a winding-up suit against Prudent Energy and Services — its parent company — over unpaid $6 million debt.

According to reports, Zenon Petroleum, in a suit at the Federal High Court, Lagos, with No. FHC/L/CP/1450/2022 alleged that the $6 million was part of a deferred consideration which became due on June 18, 2022.

It added that Zenon has refused to fulfil the obligation despite several demand letters.

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TheCable had reported that AbdulWasiu Sowami, CEO of Prudent Energy and Services Limited, through his investment portfolio, Ignite Investments and Commodities Limited, acquired a 74.02% stake in Forte Oil Plc in 2019.

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