May 12, 2023 9:34 AMAbdulWasiu Sowami, chairman of Ardova Plc, has completed the acquisition of the oil company from Femi Otedola, Nigeria’s billionaire business mogul.sIn 2020, Sowami, through his investment portfolio, Ignite Investments and Commercial Limited (IICL, commenced the process for theAccording to a report obtained by ThisDay, Sowami instituted arbitration proceedings seeking to avoid the payment of the balance of $20 million due to Otedola following his acquisition of Ardova.
“The good news is that following several payments in installments, Mr. Wasiu has completed the payment of the arbitrary award, net of certain deductions ahead of the June 2023 deadline,” the report reads. “The total payment of the balance is in the sum of $19 million approximately, thus completing the acquisition.”