Forte Oil new owners appoint CEO, CFO

Nigeria’s Forte Oil Plc has announced the appointment of new chief executive officers and chief financial officer as new owners take charge of their investment in the oil marketing company.

Billionaire businessman, Femi Otedolar this week announced his exit from the oil marketing company after he successfully transferred his majority holding to Prudent Energy in a crossed deal on the floor of the Nigerian Stock Exchange (NSE) on Tuesday.

The deal worth 64.9 billion naira was crossed on the floor of the NSE, putting an end to Otedola’s 75 per cent holding in the oil marketing firm.

According to a regulatory filing by Forte Oil, Olumide Adeosun and Moshood Olajide will take over as Chief Executive Officer and Chief Financial Officer respectively.

The change of guard at the company was necessitated by the exit of Otedola from the company as chairman, leading to the resignation of Akin Akinfemiwa as chief executive officer and Julius Omodayo-Owotuga as CFO.

The regulatory filing which was signed by Forte Oil General Counsel, Akinleye Olagbende, said Ignite Investments and Commodities Limited, led by Prudent Energy Service Limited had completed their acquisition of Otedola’s 74.02 percent shareholding in the oil marketing company.

The filling reads: “As a result of this and further to the announcement on December 28, 2018, Ignite will take over controlling stake in Forte Oil Plc, the downstream company.

The Chairman, Ignite and Chief Executive, Prudent Energy Services, Abdulwasiu Sowami, said the investment was of strategic importance to support their quest of continuously adding value to the Nigerian oil and gas industry.

“The next phase of Forte Oil’s growth will focus on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies with partners. We look forward to working as part of the Forte Oil family to achieve this growth.”

The statement signed by Olagbende said parties to the sale indicated that the Forte brand will remain in place and that the transition of the board of directors has begun and new directors have been appointed subject to ratification by the shareholders at the next general meeting of the company.