Forte Oil Set To Change Name To Ardova Plc

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.

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.

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.