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Forte Oil Plc has announced the resignation of eight directors, and the appointment of six new members of the company’s board of directors. The company has also summoned an inaugural board meeting.

This is contained in a notice that was signed by Forte Oil’s General Counsel, Akinleye Olagbende, and issued to the Nigerian Stock Exchange signed by General Counsel.

Forte Oil
L-R: Former Chairman Forte Oil Plc, Femi Otedola with the former Chief Executive Officer, Akin Akinfemiwa

The development is coming in the wake of the acquisition of the majority stake in Forte Oil by Prudent Energy & Services Limited from billionaire mogul, Femi Otedola.

Nairametrics had on the 20th of June 2019 reported about the appointment of a new Chief Executive Officer and new Chief Financial Officer for Forte Oil Plc.

[ALSO READ: Forte Oil’s majority shareholder to acquire fresh N22bn worth of shares]

Details of the Board Change: The notice declared that the following directors of the company resigned on 20th June 2019:

  1. Mr Femi Otedola
  2. Mr Akin Akinfemiwa
  3. Mr Julius Omodayo-Owotuga
  4. Mr Christopher Adeyemi
  5. Mr Anil Dua
  6. Mrs Suleiman Salamatu
  7. Dr Mairo Mandara
  8. Mr Nicholas Vervelde

By the same token, the statement confirms the appointment of the following persons to the board, effective from 20th June 2019:

  1. Alhaji Abdulwasiu Sowami (Chairman)
  2. Alhaji Aminu Umar (Non-Executive Director)
  3. Mr Olusola Adeeyo (Non-Executive Director)
  4. Mr Olumide Adeosun (Chief Executive Officer)
  5. Mr Moshood Olajide (Chief Financial Officer)
  6. Mrs Durosinmi-Etti Aniola (Non-Executive Director)


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Forte Oil
Abdulwasiu Sowami

About Alhaji Abdulwasiu Sowami: A graduate of Sociology from the University of Maiduguri, Borno State, Mr Sowami holds a Masters in Corporate Governance from Leeds Beckett University in the UK.

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Deal book 300 x 250

In the course of his career, he has cultivated relationships with the leadership of prominent international trading companies including Vitol, Shell Trading Rotterdam, Glencore, and BP Oil International Limited. He is a member of several company boards among which are-  Prudent Gas Limited, Ignite Investment and Commodities, FES Energy Limited (UAE), Prudent E& P Limited, and Prudent Effsow Commodities Limited.

He doubles as the Chief Executive Officer and founder of Prudent Energy and Services Limited, the downstream oil and gas firm that acquired Forte Oil Plc.

Forte Oil
Aminu Umar

About Alhaji Aminu Umar: A graduate of Accounting from University of Maiduguri, Aminu Umar began his career as an accountant with Overseas Agency Nigeria Limited (OAN) in 1994. He rose through the ranks to emerge the company’s Managing Director in 2001 to 2007.

Umar attended many courses at Cambridge Academy of Transport, UK and in the UAE. He is Founder and CEO of Sea Transport Services Nigeria Limited, a refined petroleum product and vessel company.

He has, in his capacity as MD/CEO, taken the company on a consistent growth course over a decade with the company conservatively estimated to be more than $100 million dollars. Mr Umar has grown the company to more than 13 large oil tankers with a total capacity of 350,000 metric tonnes.

He is the president of the Nigerian Ship-Owners Association (NISA), member Ministerial Committee on Nigerian Fleet Implementation Committee on establishing national fleet and member, advisory council to the executive management of Nigerian Maritime Administration and Safety Agency (NIMASA).

Forte Oil
Olusola Adeeyo

About Mr Olusola Adeeyo: He holds a Bachelor of Arts degree in Political Science from the University of New York, Albany, USA. He equally holds a Masters degree in International Relations from Northeastern University, Boston, USA.

He has served as Independent Non-Executive Chairman of AXA Mansard Insurance Plc since May 2016. Before then, Mr Adeeyo ha served as a Non-Executive Director of the company.

He is the Founder and CEO of Astral Waters Limited. He is also the founder of Protea Hotel Oakwood Park, Lekki a 4-star hotel managed by Protea Hotel Group of South Africa. He was formerly the Managing Director of Asset and Investment Limited. He is currently an independent director and the chairman of the corporate governance and the remuneration committee of the Central Securities and Clearing Systems Limited.

Olumide Adeosun

About Olumide Adeosun: A consummate professional, Adeosun has over 18 years of experience in providing transactional, project management and strategy services both within and outside the country in fields that include oil and gas, renewable energy and power.

His previous employment at British Petroleum (BP) saw him work in the UK, Middle East, Europe, Africa and Russia, where he became, at different times, Vice President (Operations and Commercial Development), Chief Risk Officer, Head of Control, Group Finance, supporting business growth to the tune of $12 million gross margin in the first year of operation in West Africa.

Prior to his appointment at Forte Oil, Adeosun was a director in PwC West Market Area and contributed enormously to many PwC oil industry publications. He recently led the buy-side advisory of one of the biggest acquisition deals in the Nigerian downstream oil and gas sector.

Forte Oil
Moshood Olajide

About Mr Moshood Olajide: He is a graduate of law from Obafemi Awolowo University, Ile, Ife. He holds an LL.M from Columbia Law School, New York. Mr Olajide began his career in 2008 as an associate at the law firm, Aluko and Oyebode.

He became a consultant in 2012 at PriceWaterhouse Coopers Nigeria, becoming at different times over the years, Manager, Tax and Corporate Advisory Services and Senior Manager, Tax and Regulatory Services. Before his appointment at Forte Oil, he was  Director Tax and Regulatory Services and General Counsel, West Africa Market Area at PwC.

Olajide’s core competencies include financial reporting, statutory audit, deal structuring, regulatory services, client training services, capital projects and infrastructure deals advisory.

He is a chartered accountant and tax professional, holding memberships of Association of Certified Chartered Accountants (ACCA) and Chartered Institute of Taxation of Nigeria (CITN).


Forte Oil
Durosinmi-Etti Aniola

About Mrs Durosinmi-Etti Aniola: She graduated from the University of Lagos in 1981 with an Upper Second Class grade in Law. She holds a Masters degree in Law from Cambridge University. She began her career in 1985 at the law firm Udoma Udo Udoma as an associate.

She joined Credit Transactions and Investment Company Limited in 1988, where she served as the Manager in charge of Legal/Administrative department.

She joined Linkage Assurance Plc as Legal Adviser/Head, Corporate Services in 2002. She successfully piloted the company through landmark transformational phases of growth among which were the initial Public offer in 2003 and a Public offer in 2005. She is currently a director and the managing director of the company.


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