Nigeria: Forte Oil Shares Rise As Adeosun Is Appointed Chief Operating Officer

25 June 2019

Shares in Forte Oil Plc rose further by 2.5 per cent to N32.00 per share as investors reacted positively to the appointment of Mr. Olumide Adeosun as the new chief executive officer(CEO) of the company and Mr. Moshood Olajide as chief financial officer(COO).

Their appointment followed the acquisition of 74 per cent equity stake in Forte Oil Plc by Ignite Investments and Commodities Limited led by Prudent Energy Services Limited, divested by Femi Otedola. Adeosun has extensive knowledge developed over 18 years of experience encompassing oil and gas, renewable energy, power, and strategy both locally and internationally.

The CEO began his career at Price Waterhouse Cooper (PwC) in London in 1998, where he provided advisory services to a range of multinational clients in the financial sector. In 2004, he worked as a consultant to British Petroleum (BP) Plc on a compliance program and eventually moved to join the company as Group Control Manager, BP Finance. At BP Plc, he helped to deliver a successful organisational transformation program, reducing complexity across the firm's global financial business processes.

Following the successful delivery of the transformation programme, he held several commercial roles in BP Plc, eventually culminating in his playing a key role in the integrated supply and trading business. He supported the development of a West Africa trading and shipping strategy, which was instrumental in opening oil trades with Nigerian and West African counterparties. In 2011, he was appointed Vice President, Commercial Development & Operations for BP's Nigeria trading business, which delivered a gross profit of $12 million in the first year of operations in West Africa.

Prior to his recent appointment as Adeosun, led the Energy & Power (West Africa) PWC. He held various leadership roles including, Head of Strategy Consulting for West Africa and Head of Capital Projects and Infrastructure where he was lead adviser on a number of multi-billion-dollar projects. Notably, he co-led the buy-side advisory of one of the largest acquisition deals in the Nigerian downstream oil and gas sector.

While at PwC, he contributed to leading industry publications including "Nigeria's Refining Revolution" (2016), which still serves as a roadmap for local refining in Nigeria. He is also a PwC Africa Values Award Winner (2017).

He holds a BSc in Architecture from Woodbury University, California and an MSc in Mathematics from Royal Holloway College, University of London.

On the other hand, the Moshood Olajide, who is the new CFO, is a lawyer with dual Nigerian and New York Bar memberships. A Chartered Accountant and Tax Professional, he enjoyed rapid growth at PWC. His responsibilities spanned financial reporting, statutory audit, capital projects and infrastructure deals advisory; Energy, Utility and Mining deals advisory, general tax advisory, deal structuring and compliance services; regulatory services; client training services and company secretarial services covering many sectors of the economy especially Oil and Gas.

Prior to this, he had a stint with Aluko & Oyebode Law Firm where he had the responsibilities for general legal advisory, company secretariat, negotiation drafting and review of commercial agreements, litigation and arbitration.

He holds an LL.M Degree from Columbia Law School and a Bachelor of Law from Obafemi Awolowo University. Additionally, he Is also a member of the Nigerian Bar Association, Association of Chartered Certified Accountants, New York County Lawyers' Association and Chartered Institute of Taxation of Nigeria.

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