Forte Oil Officially Becomes Ardova Plc After CAC Approval

By Modupe Gbadeyanka

Indigenous energy company, Forte Oil Plc, has officially changed its name to Ardova Plc after obtaining an approval from the Corporate Affairs Commission (CAC).

A statement issued by the company on Tuesday disclosed that the name change was effected following the authorisation of CAC, an agency of federal government saddled with the responsibility of registering organisations in the country.

According to Forte Oil, which was formerly owned by billionaire businessman, Mr Femi Otedola, it has now been issued with a new certificate of incorporation to reflect its new identity.

“This is to notify the general public and all stakeholders that Forte Oil Plc, pursuant to a special resolution passed at the Extraordinary General Meeting (EGM) held on December 17, 2019, and the approval of the Corporate Affairs Commission has changed its name to Ardova Plc.

“Pursuant to Section 31(5) of the Companies and Allied Matters Act (CAMA), the company has been issued a new Certificate of Incorporation by the Registrar General of the Corporate Affairs Commission evidencing the change of name,” the statement signed by the acting Company Secretary/General Counsel, Oladeinde Nelson-Cole disclosed.

In November 2019, the board of Forte Oil announced its intention request for shareholders’ approval to change the name of the oil firm after Ignite Investments and Commodities Limited, promoted by the Chief Executive of Prudent Energy Services Limited, Mr Abdulwasiu Sowami, bought the company from Mr Otedola in a deal worth N65 billion.

At an EGM held in the Lekki area of Lagos State, the shareholders granted the request of the board.

“The shareholders hereby approve that the name of the company be changed from Forte Oil Plc to Ardova Plc

“That the directors of the company be and are hereby authorised to approve, sign and/or execute all documents, appoint such professional 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,” the notice signed by Nelson-Cole after the December 2019 meeting had said.