Forte Oil Plc has appointed a new Chief Executive Officer and Chief Financial Officer following the completion of the sale of Mr Femi Otedola's shares in the firm's downstream operations.
The firm in a notice filed with the Nigerian Stock Exchange announced Mr Olumide Adeosun as the new CEO and appointed Mr Moshood Olajide as the Chief Financial Officer.
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," he said.
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.