Femi Otedola’s Zenon Oil Awarded $19.2 Million Against Ardova Over Forte Oil Sale
- Femi Otedola’s Zenon oil has been awarded about $19.2 million against Ardova over the sale of Forte Oil
- Zenon was awarded the amount on October 7, 2022, against Ignite Investments which filed the lawsuit
- The London Court of International Arbitration ordered Ignite to pay Zenon the said amount after it sold about 74.0 per cent of its shares in Forte Oil
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Zenon Petroleum and Gas Limited, belonging to Nigerian billionaire, Femi Otedola, has won an arbitration suit brought by Ignite Investment in the London Court of International Arbitration over the share purchase agreement reached on the sale of Forte Oil to Ardova.
In a statement, Zenon Petroleum was given $19.2 million (N8.02 billion) by the LCIA in a judgement delivered on October 7, 2022.
Source: UGC
Ardova refused to proposed agreement
BusinessDay said the tribunal ruled in favour of Zenon in three of the four claims and ordered Ignite to make the SPA payments less the amount awarded for the claims.
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In 2019, Zenon Petroleum, operated by Femi Otedola, completed the sale of 74.02 per cent shares of Forte Oil to Ignite Investments.
After the sale, Ignite started a dispute notice through a letter dated June 17, 2020, in which the company alleged a breach of warranty relating to the SPA executed on December 20, 2018.
According to the dispute notice, Ignite alleged that Zenon breached some warranties under the SPA, in consequence of which the buyer made the relevant claims against Zenon.
Reports said the parties agreed to a meeting to find a solution to the alleged claims by Ignite per the SPA. The meeting was unsuccessful, after which Ignite filed a lawsuit at the LCIA in December 2018.
Zenon then filed its response to the claim and counter-claimed against ignite.
Femi Otedola’s Geregu Power loses N27.250 billion on the stock market, few days after listing
Legit.ng reported that Geregu Power, belonging to billionaire businessman Femi Otedola lost about N27.250 billion on the stock market on Friday, 14 October 2022.
The company saw investors expressing negative sentiments the first time it was listed on the floor of the Nigerian exchange. The loss of N27.250 billion represented about 9.02 per cent as investors exercise caution ahead of the 2023 elections and rate hike.
According to reports, the Nigerian Exchange Limited (NGX) announced the listing by introducing the power company on the Main Board of the Exchange on Wednesday, October 5, 2022.
Source: Legit.ng
