The settlement followed a ruling last October by the
Energy tycoon Femi Otedola has received
The settlement followed a ruling last October by the
Ignite Investments in 2019 agreed with
The company would later allege a breach of warranty by Zenon Petroleum in respect of the SPA, causing Ignite Investments to launch a legal action, where it made claims against Zenon.
Zenon filed a counterclaim against Ignite Investments in reaction to a claim filed by the latter at the LCIA after an initial move to resolve the dispute failed.
The LCIA ruled in favour of Zenon in three out four claims last October.
In February, Mr Sowami offered minority shareholders in Ardova N17.38 per share translating to a total of N16.9 billion in order to buy out their 25.9 per cent stake (970.7 million shares) and take the company private.
"The offer price of ?17.38 represents a premium of 22.44% and 24.38% to the 30-day and 60-day volume weighted average share price of ?14.19 and ?13.97 respectively, on
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