Forte Oil Plc, Femi Otedola, Forte Oil to change name, Olumide Adeosun

Following the acquisition of Forte Oil Plc from billionaire Femi Otedola, the oil and gas company has disclosed the resignation of Akin Akinfemiwa and Julius Omodayo-Owotuga as Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of the Company; respectively.

Following the resignations, the company has appointed Olumide Adeosun and Moshood Olajide as CEO and CFO, respectively.

The appointments, according to a press statement signed by Forte Oil’s General Counsel Akinleye Olagbende, will be effective immediately.

As noted above, the appointments happened barely forty-eight hours after the company’s acquisition by Prudent Energy Services Ltd was concluded.

As Nairametrics reported, Femi Otedola announced the completion of his divestment from Forte Oil Plc after receiving full payment for the sale of the company. It was a full acquisition.

Backstory: Nairametrics had last December reported that Forte Oil had notified the NSE of its principal shareholder’s intended divestment of his holding in the company, which was then expected to be consummated in Q1 2019. During this period, the company went through due diligence and other regulatory approvals subject to the conclusion of the transaction.

Details of the Deal: Prudent Energy will invest the 75% stake through Ignite Investments and Commodities Limited.

  • Sefton Fross, a leading full-service indigenous law firm, is the advisor to the buyer while Stanbic IBTC Capital Limited and PriceWaterhouse Coopers are the Joint Financial Advisers.
  • The deal would see a total of 982.97 million ordinary shares of 50 kobo each change hands.  It is said that each unit of the shares would be divested at N66.01 with a total value of N64.89 billion.
  • The transaction price of N66.01% represents about 104.4 per cent premium on Forte Oil’s opening share price at the NSE yesterday.
  • Otedola had held the shares through direct and indirect shareholdings, the latter in the names of Zenon Petroleum and Gas Company Limited and Thames Investment Incorporated.

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