Forte Oil set for downstream assets acquisition
L-R: Oladeinde Nelson-Cole Ag. Company Secretary, AbdulWasiu O. Sowami Chairman, Olumide Adeosun Chief Executive Officer and Moshood Olajide Executive Director, Finance & Risk Management at the Forte Oil Plc 40th Annual General Meeting held at the Bespoke event center, Lekki, Lagos.

Forte Oil Plc shareholders have made some special resolutions at its recently-held Annual General Meeting (AGM). The resolutions made are as follows;

  • That pursuant to Section 267(1) of the Companies and Allied Matters Act 2004, the fees payable to the Non-Executive Directors be hereby set at the sum of N600,000.00 (Six Hundred Thousand Naira) and the sum of N800,000.00 (Eight Hundred Thousand Naira) for the Chairman, per annum.
  • That the Directors of the Company be and are hereby authorized to — (A) Enter into discussions with Prudent Energy & Services Limited and or any company or individual(s) representing it in connection with the acquisition of identified downstream assets including but not limited to plant and machinery, trucks, stations and subject to independent valuations on fair value, enter into subsequent binding agreements on comparable arm’s length/commercial terms in relation to the assets to be acquired; and (B) Approve, sign and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the directors of the Company in connection with the above resolutions be and are hereby approved.
  • That the Directors of the Company be and are hereby authorized to renew the general mandate authorizing the Company to enter into recurrent transactions which are of a trading nature or those necessary for its day to day operations with related parties or companies in accordance with the Rules of the Nigerian Stock Exchange governing transactions with related parties or interested persons.

[READ MORE: Prudent Energy tenders another take-over offer for Forte Oil]

What this means: Forte intends to buy some downstream assets from Prudent Energy and Services Limited or its representatives.  The proposed transaction will be subject to independent valuation.

During the AGM, the oil and gas firm also appointed AbdulWasiu O. Sowami as a Non-Executive Director in the Company and Chairman of the Board; Olumide Adeosun as an Executive Director in the Company; Moshood Olajide as an Executive Director in the Company; Mohammed Aminu Umar as a Non-Executive Director in the Company; Olusola Adeeyo as an Independent Non-Executive Director in the Company; and Aniola Durosinmi-Etti as an Independent Non-Executive Director.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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