By Modupe Gbadeyanka

Shareholders of Forte Oil Plc have authorised the board of directors of the local oil company to change the brand name to a new one, Ardova Plc.

The approval was given at the firm’s Extraordinary General Meeting (EGM) held on Tuesday, December 17, 2019 in the Lekki area of Lagos State.

The name change is coming about six months after Mr Femi Otedola sold the company to owner of Ignite Investments and Commodities Limited, Mr Abdulwasiu Sowami, in a deal said to worth N65 billion.

At the meeting yesterday, investors of the firm said the board can go ahead to rebrand the company to Ardova from Forte Oil, a name the company was changed to when Mr Otedola bought African Petroleum (AP) some years ago.

“Pursuant to the post-listing requirements of the Nigerian Stock Exchange (NSE) for quoted companies, Forte Oil hereby notifies the NSE and the investing public that at the Extraordinary General Meeting of the company held on December 17, 2019 at the Bespoke Event Centre, Lekki-Ajah Expressway, Lagos, the shareholders of the company duly approved the following resolutions;

“The shareholders hereby approve that the name of the company be changed from Forte Oil Plc to Ardova Plc

“That the directors of the company be and are hereby authorised to approve, sign and/or execute all documents, appoint such professional 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,” a notice signed by acting company secretary of Forte Oil, Oladeinde Nelson-Cole, said.

Forte Oil is one of the leading energy firms in the country. The firm is actively involved in the downstream sector of the nation's oil and gas industry.

https://businesspost.ng/economy/shareholders-approve-change-of-forte-oil-to-ardova-plc/

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With Otedola's major shares exit from forte oil... I forsee serious future issues with the shares of the company!!!
I am going short (sell) ASAP

Ok