Otedola Receives $19 Million in Arbitration Award From Ardova Over Forte Oil Sale
Otedola Receives $19 Million in Arbitration Award From Ardova Over Forte Oil Sale.
www.petroleumnewsngr.com
By Ronald Adamolekun
The settlement followed a ruling last October by the London Court of International Arbitration.
Energy tycoon Femi Otedola has received $19 million in arbitration award over the share purchase agreement (SPA) involving the sale of Forte Oil now Ardova Plc, a source with knowledge of the subject told www.petroleumnewsngr.com
The settlement followed a ruling last October by the London Court of International Arbitration (LCIA), ordering Ignite Investments and Commodities Limited, the special purpose acquisition company of Ardova’s Chairman Abdulwasiu Sowami, to make SPA payments less the amount awarded for one of the claims by Zenon Petroleum.
