Oil billionaire Abdul Wasiu Sowami offers N16.8bn to buy all shareholders of Ardova PLC

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.

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.

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 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.