Forte Oil Changes Name to Ardova Plc, Seeks Shareholders Approval

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SWITZERLAND, NOVEMBER 26 – Nigerian Downstream oil giant, Forte oil Plc has changed its name to Ardova Plc.

In a notice sent to the Nigerian Stock Exchange on Monday, the company said shareholders’ approval for the name change will be sought at the upcoming extraordinary general meeting scheduled to hold on December 17.

The notice read: “Notice is hereby given that an extraordinary general meeting of the members of Forte Oil Plc will hold at the Bespoke Event Centre Lekki-Ajah Expressway, Lagos on 17th of December 2019 at 10am to consider and if thought fit, to pass, with or without amendment, the following resolutions of the company:

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

“The directors of the company be and are hereby authorized 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.”

In December 2018, Femi Otedola, Nigerian entrepreneur and billionaire, announced that he would sell his 75% stake in the company because he wanted to maximise the opportunities in refining.

After the sale was completed, Olumide Adeosun, the new chief executive officer, said the company would undergo a name change to reflect the new structure.

In June 2019, Forte Oil Plc announced the constitution of its board of directors following completion of acquisition deal from Nigerian Billionaire, Femi Otedola.

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