Following the divestment of Femi Otedola, Forte Oil’s new management has appointed Olumide Adeosun and Moshood Olajide as the new chief executive officer (CEO) and chief financial officer (CFO), respectively.
This comes after the resignation of former CEO and CFO Akin Akinfemiwa and Julius Omodayo-Owotuga, of Forte Oil.
Prior to his recent appointment as CEO, Adeosun led the Energy & Power (West Africa) Practice at PriceWaterhouseCooper. He held various leadership roles including Head of Strategy Consulting for West Africa and Head of Capital Projects and Infrastructure where he was lead adviser on a number of multi-billion-dollar projects. Notably, he co-led the buy-side advisory of one of the largest acquisition deals in the Nigerian downstream oil and gas sector.
With extensive knowledge developed over 18 years of experience encompassing oil and gas, renewable energy, power, and strategy both locally and internationally, Adeosun has a proven track record of technical delivery, senior leadership, and strategic foresight. Over his career, he has led profitable businesses and is a recognised thought leader in the energy sector.
Recall, Forte Oil, in a notice filed with the Nigerian Stock Exchange (NSE) last week Thursday, 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, NSE and fulfilling all relevant terms and conditions attached to the Share Purchase Agreement.
“As a result of the successful acquisition and further to the announcement on December 28, 2018, Ignite will take over controlling stake in Forte Oil the downstream company,” Forte Oil said in a corporate filing on the Nigerian stock exchange on 20th June.
Forte Oil’s new CFO Moshood Olajide is a lawyer with dual Nigerian and New York Bar memberships. As a chartered accountant and Tax Professional, he enjoyed rapid growth at PwC, a multidisciplinary firm due to his versatility.
Moshood Olajide’s speciality ranges through financial reporting, statutory audit, capital projects and infrastructure deals advisory; Energy, Utility and Mining deal advisory, general tax advisory, deal structuring and compliance services; regulatory services; client training services and company secretarial services covering many sectors of the economy especially Oil and Gas.
Prior to this, he had a stint with Aluko & Oyebode Law Firm where he had the responsibilities for general legal advisory, company secretariat, negotiation drafting and review of commercial agreements, litigation and arbitration.
Moshood holds an LL.M Degree from Columbia Law School and a Bachelor of Law from Obafemi Awolowo University. Additionally, he is also a member of the Nigerian Bar Association, Association of Chartered Certified Accountants, New York County Lawyers’ Association and Chartered Institute of Taxation of Nigeria.
