’Femi AsuForte Oil Plc has appointed new Chief Executive Officer and Chief Financial Officer following the completion of the sale of Mr Femi Otedola’s shares in the firm’s downstream operations. The firm announced on Thursday that Mr Olumide Adeosun and Mr Moshood Olajide had been appointed as CEO and CFO respectively after the resignation of Mr Akin Akinfemiwa and Mr Julius Omodayo-Owotuga. 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. 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. “The next phase of Forte Oil’s growth will focus on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies with partners.

Source: Punch June 21, 2019 02:26 UTC