Ignite Investments and Commodities becomes majority shareholder in Forte Oil

Ignite Investments and Commodities Limited, led by Prudent Energy Services Limited, has completed the acquisition of Femi Otedola’s 74.02 percent shareholding in Forte Oil Plc.

Already, Forte Oil Plc has appointed new Chief Executive Officer and Chief Financial Officer following the completion of the sale of the billionaire’s shares in the firm’s downstream operations.

Olumide Adeosun and Moshood Olajide were on Thursday appointed as CEO and CFO Forte Oil Plc respectively after the resignation of Akin Akinfemiwa and Julius Omodayo-Owotuga, the company said in a statement to the Nigerian Stock Exchange.

According to the statement, parties to the sale indicated that the Forte brand would remain in place and that the transition of the board of directors had begun and new directors 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.

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.

Iheanyi Nwachukwu