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.
The deal worth 64.9 billion naira was crossed on the floor of the NSE, putting an end to Otedola's 75 percent 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 was necessitated by the exit of Otedola from the company as chairman, leading to the resignation of the previous holders of the office, Akin Akinfemiwa and Julius Omodayo-Owotuga.
The regulatory filing was signed by Forte Oil General Counsel, Akinleye Oalgbende, 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.
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.
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.
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