Forte Oil Seeks Approval to Change Name to Ardova

The board of Forte Oil Plc has called for a special meeting to be held in Lagos next month to approve the renaming of the company to Ardova Plc.

Recall that in June 2019, former majority shareholder of the energy firm, Mr Femi Otedola, sold his 75 percent equity stake in the company to the new owners so as to invest proceeds from the deal in a power company known as Geregu Power Plc. The transaction was reported to have worth N65 billion.

According to a statement earlier released by Forte Oil, Mr Otedola 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.

In a regulatory disclosure on Monday, November 25, 2019, the board of Forte Oil said it would hold an Extra-Ordinary General Meeting (EGM) at the Bespoke Event Centre on Lekki-Ajah Expressway, Lagos on Tuesday, December 17, 2019 at 10am.

One of the resolutions to be passed at this meeting is for the shareholders’ approval for changing “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.”

Business Post reports that 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 Mr Otedola sold his holdings to Chairman of Ignite and Chief Executive of Prudent Energy Services Limited, Mr Abdulwasiu Sowami.