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Oil Billionaire, Abdulwasiu Sowami Offers N16.8BN to Buy All Shareholders of Ardova Plc
Energy

Oil Billionaire, Abdulwasiu Sowami Offers N16.8BN to Buy All Shareholders of Ardova Plc

by  Dave Ibemere 2 min read
  • Ardova Plc is set to become a private company after its chairman AbdulWasiu Sowami decided to buy out all shares
  • The oil billionaire acquired Ardova from Femi Otedola when it was called forte oil in 2019.
  • The deal to buy out the existing shareholders is said to be worth over N16 billion and this will turn the company from a public company to private

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AbdulWasiu Sowami, a billionaire oil tycoon, has offered to buy out minority owners in Ardova Plc through his Ignite Investments & Commodities Limited.

Sowami whose name became known after he acquired Ardova from Femi Otedola in 2019.

At the time, Ardova was known as Forte Oil. He bought 74.02 percent through Ignite Investments.

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Ardova billionaire shares
Sowami ready to pay N16.8bn to buy out shares of Ardova Plc Photo credit: @ardova
Source: Facebook

How the deal will work

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

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The acquisition will cost Sowami about N16.8 billion, as he offered to buy each share at the price of N17.38, according to a company document sent to investors dated February 6, 2023.

Punch reports that Ignite Investments is now waiting for the Board of Directors, and also an order from the Federal High Court to convene a Court Ordered Meeting to enable Sowami to proceed with the takeover if the shareholders agree to sell.

Who is Sowami

For years AbdulWasiu O. Sowami has been out of the media spotlight and on low-key building wealth through hard work and smart investing

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He is currently the Chairman of Ardova Plc and Chief Executive Officer of Prudent Energy & Services Ltd., Chairman of Ignite Investments & Commodities Ltd. (a subsidiary of Prudent Energy & Services Ltd.).

Sowami is also on the board of Prudent E&P Ltd., Fes Energy Ltd., Prudent Gas Ltd. and Prudent Effsow Commodities Ltd. and Member of the Institute of Directors.

Sowami has a graduate degree from Leeds Beckett University and an undergraduate degree from the University of Maiduguri.

Otedola to sell shares of Its electricity company, Geregu Power, to Nigerians, adds N250bn to Stock Exchange

Meanwhile in another report Legit.ng revealed that billionaire Femi Otedola officially listed his electricity company, Geregu Power Plc, on the Nigerian exchange.

The development allows the public to become part owners by buying the company’s shares for N100 per share.

Geregu Power plc is one of Nigeria's major power generation companies (Genco), and Otedola has stated that it would be his primary business focus.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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