The enigmatic protégée, Wasiu Sowami!...How Ibikunle Amosun used him to acquire High-profile Investments
 

Tongues are really wagging in the oil and gas industry, and this is not far from the recent buy-off of Forte Oil Nigeria Limited.

Since the surprise buy over of billionaire Femi Otedola’s 75 percent direct and indirect shareholding in Forte Oil’s downstream business, there had been a groundswell of speculations about the new owner, Alhaji Abdulwasiu Sowami, the managing director of Prudent Energy and Services, as he  enjoys more than a personal relationship with the former Governor of Ogun State, Senator Ibikunle Amosun.

We can authoritatively reveal to you that Sowami has been fronting for Amosun for years unending. Amosun trusts him so well that he has used him to buy many blue chip companies, with Forte Oil now in tow.

While that is no sin, Sowami seems to be lending credence to the news making the rounds, given the recent constitution of his board of directors. He recently announced Sola Adeeyo, the chairman of AXA Mansard Insurance and Arinola Durosinmi-Etti, a director at Linkage Assurance, as members of the board of the board of directors.

But the oil tycoon, Abdulwasiu Sowami may have bitten more than he can chew. Reason: Two months after completion of the acquisition of the majority stake in Forte Oil Plc by oil mogul, Abdulwasiu Olatunde Sowami,through his companies, Ignite Investments and Commodities Limited, and Prudent Energy Services Limited, there has been a steady dwindling in the fortunes of shares of a once vibrant energy company. This, it was learnt, is giving its holders something to seriously worry about. Mid-June, billionaire businessman, Mr. Femi Otedola,announced his exit from the firm, after offloading his 75 percent stake in Forte Oil, to focus on another business venture, Geregu Power.

The energy tycoon sold his entire 982,971,950 ordinary shares of 50 kobo each to Sowami’s company at N66.01 per unit, amounting to a staggering N64.9 billion.

After Otedola’s departure, came a change in almost the entire management team of Forte Oil Plc. Since his exit, it appears he left with the magic wand of the then flourishing company. It started with Forte Oil Plc shares losing 40.26 percent at the stock market.

This huge fall, few weeks into the life of a new owner, is already making some shareholders of the firm to begin to doubt the future of the company. They wondered why things have been on a free-fall since the departure of Otedola, with insinuations that the businessman might have seen this coming and decided to speak to his legs.

Recently, the company also announced the postponement of its 40th Annual General Meeting. In a disclosure notice sent to the Nigerian Stock Exchange, Forte Oil’s new management seeks the approval for three months extension with no clear or tentative date on when the AGM will hold.

This has raised a lot of concerns within the oil and gas industry with some pundits wondering if Sowami has not bitten off more than he can chew. Like a bolt from the blues, Sowami came into the picture as the strange man who bid for the stake of Otedola in the Forte Oil, a leading operator in the country’s downstream sector of the oil and gas industry, which has the third largest retail outlets in Nigeria.

Though, said to have spent over 20 years in the Oil and Gas industry and highly-revered among his peers because of his intelligence coupled with his keen ability to take calculated risk which puts him ahead of his competitors, not many believe Sowami is really up for the game.

Tales swirling around suggest that the Ogun State-born dude is fronting for some powerful cartel and that he could not outright sign cheques to move on with the operations of the oil giants, without consulting his ogas at the top.

This, it was alleged, has inadvertently caused a lull in the operations of the company and also affected the commencement of the rebranding process of Forte Oil.

But those close to Sowami are saying there is no cause for worry, as the astute businessman has kept his nose to the grindstone.

Despite the expected initial challenges, Sowami will weather the storm and focus on the next phase of Forte Oil’s growth on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies with partners.

Sowami, in his late 40s, is not given to limelight, as he intentionally avoids the publicity of his personal brand. Over the years, he has managed to stay off the public eye until recently. According to a source, he left the country with his family upon acquiring Forte Oil to avoid vain attention from the press and prying public.

As it stands, the big masquerade behind Sowami, is busy in Abuja as a federal lawmaker trying place his men in the Buhari government, and cannot find ample time to see to the activities of the newly-acquired Forte Oil.

https://www.airwavesreport.com/society/3165-the-enigmatic-protegee-wasiu-sowami-how-ibikunle-amosun-used-him-to-acquire-high-profile-investment

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Most, if not all, governors are guilty of doing this. Only the not so sneaky ones get caught. I have some insider details on some of Amosun's deals while he was governor. The guy really 'chop up'.

Wow

Check sig

another one, fraud everywhere.....naija which way?

Converting public funds to personal account.

Nigerian politicians are heartless

How they get re elected is what amazes me.

Like it's more of Voodoo

OK

.........and later you will see them forming "Business guru" "entrepreneur extra ordinaire"....

I think the only time we can progress as a country is when we start seeing politicians as same regardless of the party. They are evil and they are ready to destroy this nation for their egoistic interest.


The youths need to stop defending and supporting their evil act which is detrimental to all and sundry. Weather PDP, APC or any party, all politicians are wicked and care less about the development of this great nation.


The only way we can unite and fight these politicians is to see beyond party affiliation or love. We can't fight them while we ourselves aren't speaking in one voice and they have been taking advantage of the division to retard the development of this nation

afroniger:
Most, if not all, governors are guilty of doing this. Only the really sneaky ones get caught. I have some insider details on some of Amosun's deals while he was governor. The guy really chop up.

I agree... all politicians do this

The clean APC governor

otedola sold a dying loan ridden company

no wonder

I bought 5k fuel from Forte Oil at Festac after the bridge going towards 21 road, e no reach 3k fuel , I tackled them until I get 1k free fuel , am still looking for source to report them , so their metre can be checked ,

it was unlike before !!

[s]

MachadoPreto:
Nigerian politicians are heartless

How they get re elected is what amazes me.

Like it's more of Voodoo

[/s]

afroniger:
Most, if not all, governors are guilty of doing this. Only the really sneaky ones get caught. I have some insider details on some of Amosun's deals while he was governor. The guy really chop up.

Opportunistic leeches at the corridor of power. Converting state funds into domestic affairs and leaving d treasury empty. Black man keep disgracing thyself. what our forefathers did during the slave era that turn us to paupers' in the committee of nations; the so called opportunistic politician have taken it a notch higher.

Watch as jobless morons will fight to defend the over blotted blobs stealing there destinies.






Lazzzy yoooot

Oloribuu ni Amosun yii shaa

If you have Forte oil shares, better start selling. It is going to end up like Transcorp.

The new buyers aren't people ready to open up to the public. Imagine the new buyer avoiding the limelight for a publicly listed company. Someone that should answer tough questions at the AGM.

Its not a big deal abeg, no b today dem dey do am. Even our almighty dangote is fronting for so many people. Mike Adenuga, Jim Ovia, Ayiri Emami, E money, Obesere, Jimoh Ibrahim, etc are all doing d same for so many politicians.

how much i wish oil runs dry in this country so that we can focus on cocoa and groundnut

Boyooosa:
how much i wish oil runs dry in this country so that we can focus on cocoa and groundnut

Story,when they killed Festus Okotie-Eboh (Commissioner for Finance 1963 -1966) for corruption,was it not palm oil cocoa and ground nut which were our major exports,a thief is a thief no matter the commodity.

And hungry youths blinded by tribalism will be rooting for them, politicians.

Forte oil may never recover from Otedola's exit.

Wow

olumalcolm:
Its not a big deal abeg, no b today dem dey do am. Even our almighty dangote is fronting for so many people. Mike Adenuga, Jim Ovia, Ayiri Emami, E money, Obesere, Jimoh Ibrahim, etc are all doing d same for so many politicians.

All those mentioned are legit Business Men,but what would one expect from a Peasant that knows nothing about the business world?

As a business man there is nothing wrong helping a friend,politician or not,open an account offshore if he needs your help,there is nothing wrong in helping your friend secure the collateral for the private jet or the mansion out in Malibu,it is what friends with money do for friends,keep living in your own world,it's your prerogative. Igho Sanomi was a billionaire before he met denziani,so also was Benny Peters.

When you got to The United States and Bank of America offered to open an account for you without a social security number,will you refuse?

CrimeKsmart:
I think the only time we can progress as a country is when we start seeing politicians as same regardless of the party. They are evil and they are ready to destroy this nation for their egoistic interest.


The youths need to stop defending and supporting their evil act which is detrimental to all and sundry. Weather PDP, APC or any party, all politicians are wicked and care less about the development of this great nation.


The only way we can unite and fight these politicians is to see beyond party affiliation or love. We can't fight them while we ourselves aren't speaking in one voice and they have been taking advantage of the division to retard the development of this nation

Them go hear.

sapele914:
Story,when they killed Festus Okotie-Eboh (Commissioner for Finance 1963 -1966) for corruption,was it not palm oil cocoa and ground nut which were our major exports,a thief is a thief no matter the commodity.

i concur.
But nigeria's economy needs to be diversified so as to maximize the potentials in other commodities, nigeria is too rich than to be poor. Alot of people dont want to invest in agriculture but prefer investing in the already saturated oil sector...my surprise!

This Blogger will never see heaven !!

Lies from the pit of hell. Alhaji has worked for his money and every body in the know knows this write up is a lie.

Oddnumber:
If you have Forte oil shares, better start selling. It is going to end up like Transcorp.

The new buyers aren't people ready to open up to the public. Imagine the new buyer avoiding the limelight for a publicly listed company. Someone that should answer tough questions at the AGM.

Sell it, people will pick it up for cheap and resell it to you for a big margin. There are people already postponing to mop it up

Boyooosa:

i concur.
But nigeria's economy needs to be diversified so as to maximize the potentials in other commodities, nigeria is too rich than to be poor. Alot of people dont want to invest in agriculture but prefer investing in the already saturated oil sector...my surprise!

Nigeria practices a Federal system of Government,by that alone the economy has been diversified,each State in Nigeria has a commodity that it has comparative advantage in,the black man's problem, he is too lazy intellectually,he wants someone else to come and do it for him,then he will say it is his own,ordinary crude oil we can't refine.

There is no money in oil and gas,the real money is in Agriculture,it remains Nigeria's largest sector. Oil and gas seems lucrative because of oyibo money involved for exploitation,modern day slavery.