August 8, 2022 11:17 AM
Zenon Petroleum and Gas Limited has filed a winding-up suit against Prudent Energy and Services Limited, the parent company of Ardova Plc, over $6 million debt. AbdulWasiu Sowami, chief executive officer of Prudent Energy and Services Limited, through his investment portfolio, Ignite Investments and Commodities Limited,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.
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, therefore, urged the court to wind up Prudent Energy and Services Limited over its inability to pay debts.raised last November”.“There are also unconfirmed reports that the proceeds of the recent bond issue have been diverted to other uses other than what it is intended for,” the source said.