Forte Oil Plc has appointed new Chief Executive Officer and Chief Financial Officer following the completion of the sale of Mr Femi Otedola’s shares in the firm’s downstream operations.
The firm announced on Thursday that Mr Olumide Adeosun and Mr Moshood Olajide had been appointed as CEO and CFO respectively after the resignation of Mr Akin Akinfemiwa and Mr Julius Omodayo-Owotuga.
Forte Oil, in a notice filed with the Nigerian Stock Exchange, said Ignite Investments and Commodities Limited, led by Prudent Energy Services Limited, had completed the acquisition of Otedola’s 74.02 per cent shareholding.
According to the firm, the completion is consequent upon Ignite receiving all the necessary approvals from the Securities and Exchange Commission, the Nigerian Stock Exchange and fulfilling all relevant terms and conditions attached to the Share Purchase Agreement.
It said, “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.
Commenting on the transaction, the outgoing GCEO, Akinfemiwa, said, “This concludes a very painstaking process and we believe that this transaction would optimise the existing capabilities inherent in the business and its people who are the key drivers of the business and propel the company towards an assured future.”
The Chairman, Ignite and Chief Executive, Prudent Energy Services, Mr 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.”
According to the statement, 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.
It said Standard Chartered Bank, Corporate Finance & Advisory and Olaniwun Ajayi LP served as financial and legal advisors respectively to Otedola, while PricewaterhouseCoopers and Stanbic IBTC Capital Limited served as joint financial advisors and Sefton Fross served as legal advisor to Ignite.