FO Announces Resignation and Appointment of its Board of Directors

Proshare

Tuesday, June 25, 2019 11:30AM / NSE

 

Further to the post listing requirements of the Nigerian Stock Exchange (NSE) Forte Oil Plc (the Company) hereby notifies the NSE of the following:

  1.  The resignation of the following directors of the Company effective from 20 June 2019;

i.                    Mr. Femi Otedola

ii.                 Mr. Akin Akinfemiwa

iii.               Mr. Julius Omodayo —- Owotuga

iv.                Mr. Christooher Adeyemi

v.                  Mr. Anil Dua

vi.                Mrs. Suleiman Salamatu

vii.             Dr. Mairo Mandara

viii.           Mr. Nicolaas Vervelde

  1. The appointment of the following persons as directors of the Company effective from 20 June 2019:

i.                    Alhaji AodulWasiu Sowami

ii.                 Alhaji AMinu Umar

iii.               Mr. Olusola Adeeyo

iv.                Mr. Olumide Adeosun

v.                  Mr. Moshood Clajide

vi.                Mrs. Durosinmi - Etti Aniola

Please find attached the respective profiles of the appointed directors for your consideration.

  1. The new Board of the Company will hold an inaugural Board of Directors meeting on Wednesday June 26, 2019 at 10am.

Forte Board of Directors Profiles:


AbdulWasiu Sowami (Chairman) 

Profile & Industry experience :

Mr. Sowami is the founder & Chief Executive Officer of Prudent Energy & Services Ltd, a $600M

gross-revenue downstream company. Throughout his career, he developed first tier relationships with the leadershio of the top international trading companies including Glencore, Shell Trading Rotterdam, Vitol and BP Oil International Ltd, amassing a combined trading line of over US$100m. He sits on the boards of several companies including FES Energy Limited (UAE), Ignite Investment & Commodities, Prudent Gas Ltd, Prudent E&P Ltd and  Prudent Effsow Commodities Ltd. Additionally, Mr. Sowami created the Abdul-Lateef & Sanni Foundation to build schools and provide scholarships to indigent students.

Education & Certifications

Mr. Sowami holds an MSc in Corporate Governance from Leeds Beckett University in England and a BSc in Sociology from the University of Maiduguri. He Is a member of the Institute of Directors, Nigeria.


Olusola Adeeyo (Non - Executive Director) 

Profile & Industry experience

Mr. Adeeyo is a tested, trusted and seasoned professional in the finance, banking and business fields. He is Founder and CEO of Astral Waters Limited, a leader in quality water delivery. He is also founder of Protea Hotel Oakwood Park Lekki, a 4-Star international hotel brand managed by Protea Hotel Group of South Africa. Previously, he was the Managing Director of Asset & Investment Limited, a financial services company which he funded and managed.

Mr. Adeeyo sits on the boards of several reputable companies in Nigeria. He is currently an independent director and the chairman of the corporate governance and renumeration committee of the Central Securities and Clearing System Pic. He is also the group chairman of AXA Mansard Insurance Plc.

Education & Certifications

Mr. Adeeyo holds a B.A. in Political Science form University of New York, Albany, USA in addition to an M.A. in International Relations from Northeastern University, Boston, USA.

  

Durosinmi —Etti Aniola (Non - Executive Director)

Profile & Industry experience

Mrs. Durosinmi-Etti Aniola is an experienced lawyer (called to the Nigerian Bar in 1982). She Is a Director & Deputy Managing 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, and steered the company  through the challenges of recapitalisation and subsequent merger with Central Insurance Company Ltd. Prior to joining Linkage Assurance Pic, she operated her own legal practice under the name of A.I. Durosimi-Etti & Co. She was also a consultant to Udoma & Bello-Osagie, Legal Practitioners and a Director at GoldHaze Ltd. Mrs. Durosinmi-Etti started her career as an Associate at Udoma Udo Udoma law firm where she later served as the Manager in charge of the Legal/Administrative department.

Education & Certifications

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

 

Aminu Umar (Non - Executive Director)

Profile & Industry experience

Mr. Umar has over 20 years’ experience in the oll and energy sector. He has also over time played a significant role in shaping the maritime industry evidenced by the various roles and capacity he has served. He is Founder and CEO of Sea Transport Services Nig. Ltd, a refined petroleum product vessel owner & operator company. AS MD/CEO of the Sea Transport Services Group, Aminu has led the company on a consistent growth trajectory over the las ten (10) years with the business conservatively valued in excess of $100 million. he has overseen the organic growth of the business to over thirteen (13) large oil tanker vessels in its fleet with total capacity of 350,000 Metric Tonnes.

Mr. Umar is also Founder and Managing Director of Integrated Shipping Services Nig. Ltd, the largest indigenous tanker port agency firm in Nigeria for Products, crude and LNG tankers. Mr. Umar started his career as an Accountant with the Overseas Agency Nig Lid (OAN) in 1994 and served in the position of the Managing Director from 2001 until 2007, where he built experience across diverse aspects of the maritime industry.

Education & Certifications

Mr. Umar is currently the President of Nigeria Ship-Owner's Association (NISA) and a member of the Ministerial Committee on establishing Nigerian National Fleet, the Ministerial Committee on Nigerian Fleet Implementation Committee Member and the Advisory Council to the Executive Management of Nigerian Maritime Administration and Safety Agency (NIMASA). Mr. Aminu holds a B.Sc in Accounting from the University of Maiduguri.

 

Olumide Adeosun (Chief Executive Officer)

 Profile & Industry experience

Mr Adeosun is the Chief Executive Officer of Forte Oil Plc. 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.

As a thought leader in the Energy Space, he made profound contributions to many PWC oil industry publications. One of such is the recently published Nigeria's Refining Revolution which creates a roadmap for local refining in Nigeria.

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 $12m gross margin in the first year of operations in West Africa.

Adeosun is certified in project management as well as business risks and control.

Education & Certifications

Mr. Adeosun holds a Master of Science in Information Security & Mathematics from the Royal Holloway College, University of London and a Bachelor of Architecture (B.Arch) from Woodbury University, Burbank, Southern California. He is a member of the Petroleum Club, Oil Council, Society of Petroleum Engineers (SPE).


Moshood Olajide (Chief Financial Officer) 

Profile & Industry experience

Mr. Moshood Olajide is the Chief Financial Officer of Forte Oil Plc. A Chartered Accountant and Tax Professional, he enjoyed rapid growth at PricewaterhouseCoopers (PwC), a multi-disciplinary firm due to his versatility. His responsibilities soanned financial reporting, statutory audit, capital projects and infrastructure deals advisory; Energy, Utility and Mining deals advisory, general tax advisory, deal structuring, regulatory services, client training services and company secretarial services covering many sectors of the economy especially Oil and Gas.

He is also Lawyer with dual Nigerian and New York Bar memberships. Prior to working at PWC, 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.

Education & Certifications

He holds an LL.B in Law from the Obafemi Awolowo University and an LL.M from Columbia Law School in New York. He is also a member of Association of Certified Chartered Accountant (ACCA) and Chartered Institute of Taxation Nigeria (CITN).

  

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Table: Unaudited Q1 2019 Results

 

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