Meet the new board of directors of Forte Oil Plc after Femi Otedola's exit

Forte Oil Plc has announced the constitution of its board of directors following completion of acquisition deal from Nigerian Billionaire, Femi Otedola.

Nigeria's Forte Oil to raise up to $503 mln to fund expansion

In a regulatory filing on Monday, Akinleye Olagbende, General Counsel at Forte Oil Plc, said the new board of directors will hold an inaugural Board of Directors meeting on Wednesday, June 26, 2019.

The new directors replaced Femi Otedola, Akin Akinfemiwa, Julius Omodayo-Owotuga, Christopher Adeyemi, Mrs. Suleiman Salamatu, Dr. Mairo Mandara and Nicolas Vervelde.

Sowami is the founder and CEO of Prudent Energy and Services Limited, a$600 million gross revenue downstream company.

He sits on the boards of several companies including FES Energy Limited (UAE), Ignite Investment and Commodities, Prudent Gas Ltd, Prudent E&P Ltd, and Prudent Effsow Commodities Ltd. He is the founder of Abdul-Lateef & Sanni Foundation to build schools and provide scholarships to indigents students.

He has a background in finance, banking, and business fields. He is the founder and CEO of Astral Waters Limited, a leader in quality water delivery. He is also the founder of Protea Hotel Oakwood Park, Lekki.

Mrs. Aniola is an experienced lawyer and director at Linkage Assurance Plc where she successfully piloted the company through landmark transformational phases of growth, among which were the Initial Public Offer in 2003 and a Public Offer in 2005. 

She was a consultant to Udoma & Bello-Osagie and practice under the name of A.I Durosinmi-Etti & Co. 

Mrs. Durosinmi-Etti holds a Masters degree in Law from the University of Cambridge and an LL.B from the University of Lagos. She obtained Barrister-at-Law (B.L) from the Nigerian Law School Lagos in 1982. 

Mr. Umar has over 20 years' experience in the oil and energy sector. He has played a significant role in shaping the maritime industry evidenced by the various roles and capacity he has served. He is the founder and CEO of Sea Transport Services Nig. Limited, a refined petroleum product vessel owner and operator company. 

He is currently the President of Nigeria Ship-Owners Association (NISA) and a member of the Ministerial Committee on establishing Nigerian National Fleet. He holds a B.Sc in Accounting from the University of Maiduguri.

Mr. Adeosun is the new CEO of Forte Oil. He has over 18 years of work experience providing transactional, project management and strategy services both locally and internationally, covering oil and gas, power and renewable energy sector. 

He was a director in PwC West Market Area and a proven leader in Conventional and Renewable Energy and Corporate Strategy. He recently led the buy-side advisory of one of the biggest acquisition deals in the Nigerian downstream oil and gas sector.

Adeosun's formative years were spent with British Petroleum (BP) in the UK, Europe, Middle East, Africa and Russia where he served in various capacities including Vice President (Operations and Commercial Development), Chief Risk Officer, Head of Control, Group Finance where he supported business growth to $12 million gross margins in the first year of operations in West Africa. 

Adeosun holds a Masters in Information Security and Mathematics from the Royal Holloway College, University of London and A Bachelor of Architecture from Woodbury University, Burbank, South California. He is a member of the Petroleum Club, OIl Council, Society Of Petroleum Engineers (SPE)

Olajide is the CFO of Forte Oil Plc. A Chartered Accountant and Tax Professional. He enjoyed rapid growth at PwC with experiences spanning through financial reporting, statutory audit, capital projects and infrastructure deals advisory, energy utility and mining deals among others.

He holds an LL.B in Law from OAU and an LL.M from Columbia Law School in New York. He is also a member of ACCA and CITN.

“Their appointments effective June 20, 2019,” the statement added.

Last week, Billionaire Femi Otedola divested from the oil and gas sector, selling his 74.02% equity stake in Forte Oil Plc downstream operations to Ignite investment owned by Businessman AbdulWasiu Sowami. 


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