In view of the total divestment of a
billionaire businessman, Femi Otedola,
from Forte Oil Plc, the company has
appointed new Chief Executive Officer
and Chief Financial Officer.
According to the company, Olumide Adeosun and Moshood Olajide have been appointed as
CEO and CFO respectively after the resignation of Akin Akinfemiwa and 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.
Forte Oil made it clear that 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, Abdulwasiu
Sowami, said the investment was of strategic importance to support their
quest of continuously adding value to the Nigerian oil and gas industry.
In his own words, “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.
No comments:
Post a Comment