Zenon Petroleum Asks Court To Wind Up Ardova Plc Over ‘$6m Debt’


According to reports, Zenon Petroleum, in a suit at the Federal High Court, Lagos, with No. FHC/L/CP/1450/2022, said the debt was alleged to have arisen from the sale conducted in 2018 where Zenon Petroleum & Gas Limited and its affiliates sold 74.02 percent of the issued share capital of Forte Oil Plc (now Ardova Plc) to Sowami and Ignite Investment & Commodities Limited.

According to the court filing, the company alleged that the security for the deferred consideration for the sale of the shares, Prudent Energy and Services Limited and Sowami had provided a guarantee in favour of Zenon Petroleum & Gas Limited and its affiliates for the prompt payment of the deferred consideration as at when due.

It also alleged that $6 million being part of the deferred consideration became due on June 18, 2022, and the company refused to fulfil the obligation despite several demand letters.

It, therefore, urged the court to wind up Prudent Energy and Services Limited over its inability to pay debts.

https://worldtopnewsng.com/zenon-petroleum-asks-court-to-wind-up-ardova-plc-over-6m-debt/