He was quietly doing his thing underground until he made his grand entry into the oil and gas business in 2018 after his Prudent Energy & Services Limited, acquired Femi Otedola’s 74% divested shares in Forte Oil. City businessman Abdulwasiu Sowami made the headlines as the feat was widely celebrated by all and sundry after he also disclosed his quest to make the oil and gas firm to the next level with his lofty ideas. As part of his rebranding process, he changed the brand name from Forte Oil to Ardova Oil and Gas plc.
During the acquisition, Sowami had promised Zenon Petroleum & Gas Limited to pay a balance of $6 million after three years which he was supposed to have done on or before June 18, 2022. After several internal issues, rise and fall in global oil prices among the dwindling business climate in Nigeria, Sowami’s projection for the company didn’t come to reality as he was unable to pay the debt owed within the stipulated time. In a bid to recover the debt, Zenon Oil petitioned Prudent Energy & Services through its entity, Ignite Investments and Commodities Limited owns 74% of Ardova Petroleum, a company listed on the Nigerian Exchange and chaired by Sowami in a legal suit before the federal high court in Lagos to wind up the company.
We gathered that Sowami is currently in talks with friends and associates for an out-of-court settlement which will enable him more time to pay up the said amount. Sources said that the debt accumulated would have been sorted but Sowami’s quest to take over the Downstream and Upstream Oil and Gas supply, and acquisition of Enyo Oil further worsened the matter. Currently, he is in talks with a close associate of Femi Otedola to enable him to buy more time to make sure he raises the funds to clear the debt so he won’t lose his stake in the company.