Forte Oil Set To Change Name To Ardova Plc

Posted on November 25, 2019

FUNSHO AROGUNDADE

The board of Forte Oil Plc will be holding a special meeting in Lagos December for the approval of changing the name of the company to Ardova Plc.

In a regulatory disclosure on Monday, November 25, the board said it would hold an Extra-Ordinary General Meeting (EGM) at the Bespoke Event Centre on Lekki-Ajah Expressway, Lagos on Tuesday, December 17 at 10am.

One of the resolutions to be passed at this Extra-Ordinary meeting is for the shareholders’ approval for “the name of the company be changed from Forte Oil Plc to Ardova Plc.

In addition, the board would seek investors’ authorisation to “approve, sign and/or execute all documents, appoint such profession 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.”

It will be recalled that in June, Mr. Femi Otedola, the former majority shareholder of the oil firm, sold his 75 per cent equity stake in the company to the new owners in a transaction reported to worth N65 billion.

The billionaire divested his entire 982,971,950 ordinary shares of 50 kobo each to the new owners, Ignite Investments and Commodities Limited, at N66.01 per unit, amounting to N64.9 billion.

His proceeds from the deal was said to have been invested into a power generation company, Geregu Power Plc.

This proposed change of name is coming after the energy firm, had in a statement some months ago, said Ignite Investments and Commodities Limited led by Prudent Energy Services Limited had agreed to retain the brand name, Forte Oil, when Otedola sold his holdings to Chairman of Ignite and Chief Executive of Prudent Energy Services Limited, Mr Abdulwasiu Sowami.