Ardova Plc

The downstream division specializes in the distribution of a wide range of petroleum products; Premium Motor Spirit (PMS), diesel, aviation fuel, kerosene, as well as a range of lubricants for various automobiles and machines; distributed mostly to the automobile, industrial, aviation and marine markets.

Energy mogul Femi Otedola was awarded $19 million in an arbitration case regarding the share purchase agreement (SPA) relating to the acquisition of Forte Oil, now Ardova Plc.

[1] The agreement was reached in response to a decision made by the London Court of International Arbitration (LCIA) in October, which mandated that Ignite Investments and Commodities Limited, Chairman Abdulwasiu Sowami of Ardova's special purpose acquisition company, make SPA payments less the sum granted for one of Zenon Petroleum's claims.

Later, the business would argue that Zenon Petroleum had infringed on its warranty with regard to the SPA, which prompted Ignite Investments to file a lawsuit in which it asserted claims against Zenon.

[1] In 2015 they signed an $83 million contract with Siemens to upgrade the 414 MW plant, the work is due to be completed in 2016[3] As of 1 September 2023, Forte Oil's directors include: