FORTE OIL APPOINTS NEW CEO, CFO AFTER THE COMPLETION OF OTEDOLA’S SHARE SALE

FORTE OIL APPOINTS NEW CEO, CFO AFTER THE COMPLETION OF OTEDOLA’S SHARE SALE

Indigenous energy group, Forte Oil Plc, has designated new Chief Executive Officer and Chief Financial Officer after the completion of the sale of Mr Femi Otedola’s shares in the company’s downstream operations.

The firm announced yesterday, that Mr Olumide Adeosun and Mr Moshood Olajide had been nominated as CEO and CFO respectively following the resignation of Mr Akin Akinfemiwa and Mr Julius Omodayo-Owotuga.

In a notice filed with the Nigerian Stock Exchange, Forte Oil 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.

Speaking on the transaction, the retiring 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 Officer, Prudent Energy and Services Limited, Alhaji Abdulwasiu Sowami, noted that the investment was essential to reinforce their pursuit of continuously adding value to the Nigerian oil and gas industry.

He said that the next phase of Forte Oil 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’’, he said.

 

Punch