Forte Oil Overhauls Board, Gets New Chairman, Directors

By Dipo Olowookere

Leading indigenous energy firm, Forte Oil plc, has announced a mass resignation of members of its board of directors.

A disclosure to the Nigerian Stock Exchange (NSE) said eight members of the board, including its Chairman, Mr Femi Otedola, and its Group CEO, Mr Akin Akinfemiwa, have resigned from the company.

This followed the recent sale of the 75 percent stake of Mr Otedola, to another investor, Ignite.

Apart from the duo above, the other board members who left the firm are Mr Julius Omodayo-Owotuga, Mr Christopher Adeyemi, Mr Anil Dua, Mrs Suleiman Salamatu, Dr Mairo Mandara and Mr Nicolaas Vervelde.

In view of the resignations, Forte Oil has announced the appointment of six persons in to its board.

These persons are Mr Abdulwasiu Sowami, Mr Aminu Umar, Mr Olusola Adeeyo, Mr Olumide Adeosun, Mr Moshood Olajide and Mrs Durosinmi-Etti Aniola.

Business Post reports that Mr Sowami is the new Chairman of Forte Oil, while Mr Umar, Mr Adeeyo and Mrs Durosinmi-Etti are non-executive directors.

Mr Adeosun is the new Group CEO of Forte Oil, while Mr Olajide is the firm’s Chief Financial Officer.

In the notice, Forte Oil disclosed that the new board of the company will hold an inaugural board of directors meeting on Wednesday, June 26, 2019 at 10am.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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