Nigeria: Forte Oil Names Acting Secretary, General Counsel

Forte Oil on Monday announced the appointment of a new acting company secretary and general counsel.

The newly appointed official is Oladeinde Nelson-Cole.

The announcement was contained in a disclosure notice sent to the Nigerian Stock Exchange on Monday.

The notice was signed by Olumide Adeosun, the company’s Chief Executive Officer.

The appointment followed the exit of a former secretary of the company, Akinleye Olagbende, whose resignation took effect on July 1.

The company appointed had announced the appointment of new Chief Executive Officer and Chief Financial Officer following the completion of the sale of billionaire Femi Otedola’s shares in the firm’s downstream operations.

Olumide Adeosun and Moshood Olajide were subsequently appointed as CEO and CFO respectively, after the resignation of Akin Akinfemiwa and Julius Omodayo-Owotuga.

In June, Mr Otedola announced the completion of his divestment plans from the company, saying he would concentrate on power generation business.

“In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc,” Mr Otedola said.

Formerly known as African Petroleum Plc, Forte Oil operates mostly in the downstream sector of the oil and gas industry.

Earlier in the year, the company announced that Ignite Investments and Commodities Limited, led by Prudent Energy Services Limited, had completed the acquisition of Mr Otedola’s 74.02 per cent shareholding.

Last week, the company announced the postponement of its Annual General Meeting.

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