Otedola’s Former Company Forte Oil Plc Changes Name To ARDOVA Plc

Forte Oil Plc has announced the change of its registered name to ARDOVA Plc.

The company disclosed this on Monday in a statement posted on the website of the Nigerian Stock Exchange, saying the decision followed a resolution passed at the company’s Extraordinary General Meeting held on December 17, 2019.

The company said the NSE has affirmed the development, adding that the Registrar General of Corporate Affairs Commission has issued a new certificate of incorporation as evidence of the change of names.

According to the statement which was signed by the AG. Company Secretary/General Council, Olamide Nelson; “This is to notify the general public and all stakeholders that Forte Oil Plc pursuant to a special resolution passed at the Extraordinary General Meeting held on December 17, 2019, and the approval of the Corporate Affairs Commission has change to ARDOVAPLC.”

Femi Otedola the Chief Executive Officer of Forte Oil had in June 2019 announced that he had sold his shares in the company, after receiving full payment for the sale of his FO to new owners Prudent Energy Services Ltd.

The recent change of name will be the company’s second in 10 years after it changed from African Petroleum (AP) to Forte Oil as a result of the divestment of Nigeria National Petroleum Corporation’s (NNPC) Pension Fund which made Otedola the core investor in the company.

Otedola sold the company in other to consolidate the gains of his power generation business, Geregu Power a subsidiary of Amperion Power.

Meanwhile, in a report published by the Exchange on February 7 2020, the share price of FO declined from 20.60 to 18.55 which shows a loss of -2.05 for the period between February 3 to 7 2020.