Forte Oil Appoints Olumide Adeosun as CEO

• Forte Oil Appoints Olumide Adeosun as CEO

Following the completion of the sale of Mr Femi Otedola’s stakes in Forte Oil Plc, the new management led by Abdulwasiu Sowami has appointed a new Chief Executive Officer.

The oil company announced Mr Olumide Adeosun as the new CEO on Thursday and appointed Mr Moshood Olajide as the Chief Financial Officer.

Mr Femi Otedola On Wednesday announced he has completed the sale of his 74.02 per cent stakes in the company to Ignite Investments and Commodities Limited, led by Prudent Energy Services Limited.

Mr Abdulwasiu Sowami, the Chairman, Ignite and Chief Executive, Prudent Energy Services, said the acquisition was a strategic move to add value to the Nigerian oil and gas industry.

“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. We look forward to working as part of the Forte Oil family to achieve this growth.”

Forte Oil outgoing GCEO, Akin Akinfemiwa, said: “This concludes a very painstaking process and we believe that this transaction would optimise the existing capabilities inherent in the business and its people who are the key drivers of the business, and propel the company towards an assured future.”

Mr Olumide Adeosun was the Associate Director of Capital Projects and Infrastructure at PWC Nigeria before his appointment.