An arbitral tribunal has ruled in favour of Moringa Mauritius Africa, Moringa SCA SICAR and B-Bovid Limited in a dispute with B-Bovid founder Issa Ouedraogo, dismissing all counterclaims brought by him.
According to a statement issued by Moringa, the tribunal’s final award, delivered on February 25, 2026, upheld all claims brought by Moringa and B-Bovid and confirmed that Mr. Ouedraogo was validly removed as Chief Executive Officer of B-Bovid on January 19, 2021.
The tribunal granted several orders, including a perpetual injunction restraining Mr. Ouedraogo from holding himself out as CEO of B-Bovid and from interfering in the administration and management of the company. It also prohibited him from using unauthorised bank accounts for company transactions.
Additionally, the tribunal ordered Mr. Ouedraogo to render accounts of transactions conducted on behalf of B-Bovid after his removal, refund salary payments received following his removal and return company property in his possession.
The award also requires him to pay GHS289,193 in damages, as well as costs of US$290,057.10 and GHS35,609.45. Interest will accrue on all sums due at the applicable rates.
Moringa, an investment fund focused on sustainable agroforestry projects in sub-Saharan Africa and Latin America, invested approximately US$5 million in B-Bovid in 2018, becoming the majority shareholder under an Investment Agreement and Shareholders’ Agreement.
According to the statement, Moringa later identified management challenges and provided additional financial support through a €1.2 million convertible loan in 2019. The company said efforts to improve B-Bovid’s performance were unsuccessful, leading to Mr. Ouedraogo’s removal as CEO in 2021.
Moringa further alleged that following his removal, Mr. Ouedraogo disrupted the company’s operations by interfering with management processes, directing company revenues into personal accounts and making unilateral operational decisions. These allegations formed part of the arbitration proceedings initiated by Moringa in June 2021.
The company said parallel court proceedings resulted in interim injunctions and the appointment of a receiver-manager to oversee B-Bovid. It also stated that it subsequently enforced a share charge agreement, resulting in the transfer of Mr. Ouedraogo’s shares to Moringa.
Moringa noted that other legal proceedings, including contempt and defamation cases, remain pending before the courts.
The investment firm also rejected allegations made by Mr. Ouedraogo in the media concerning the investment and the conduct of its legal advisers, Bentsi-Enchil, Letsa & Ankomah, describing the claims as without merit.
The company said the arbitral award confirms that it acted within its contractual and legal rights and reiterated its commitment to supporting the sustainable development of B-Bovid and pursuing ongoing legal processes.
