Zenon Petroleum & Gas Limited has asked a Federal High Court in Lagos to wind up Prudent Energy and Services Limited, which is the parent company of Ardova Plc over the inability of the company to pay a $6 million.In the suit at the Federal High Court, Lagos, with No. FHC/L/CP/1450/2022, the debt was alleged to have arisen from the sale conducted in 2018 where Zenon Petroleum & Gas Limited and its affiliates sold 74.
Zenon Petroleum & Gas Limited therefore urged the Court to wind up Prudent Energy and Services Limited on the ground of inability to pay its debts. The loss recorded by the oil and gas company had stemmed from a high cost of sales and operating costs that ate into its margins. Ardova had blamed the losses on its subsidiary, Axles & Cartage, a transport and haulage services business which commenced operations in August 2020. It also blamed transformational challenges with its recently acquired Enyo Business as part of the reasons for the huge loss.