- Astute businessman, Abdulwasiu Sowami, is the new owner of Forte Oil, a downstream oil and gas company.
- Sowami, who acquires Forte Oil Femi Otedola, says the next phase is to increase the focus on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies with partners.
- Forte Oil announces the appointment of Olumide Adeosun and Moshood Olajide as Chief Executive Officer and Chief Financial Officer of Forte Oil respectively.
One of Nigeria's silent billionaires and astute businessmen, Abdulwasiu Sowami, is the new owner of Forte Oil, a downstream oil and gas company.
Following the divestment of Billionaire Femi Otedola from the oil and gas sector, Sowami through his investment portfolio, Ignite Investments and Commodities Limited, acquired a 74.02% equity stake in Forte Oil Plc downstream operations.
Forte Oil Plc is one of Nigeria’s leading downstream oil and gas companies, publicly listed on The Nigerian Stock Exchange.
Abdulwasiu Sowami's Ignite firm
“As a result of the successful acquisition and further to the announcement on December 28, 2018, Ignite will take over controlling stake in Forte Oil PLC the downstream company,” Forte Oil said in a corporate filing on the Nigerian stock exchange on Thursday.
Business Insider SSA by Pulse understands that Ignite is currently assembling new directors to head the operations of Forte Oil Plc subject to ratification by the shareholders and regulatory approvals.
Abdulwasiu Sowami's vision for Forte Oil
Sowani said the next phase of Forte Oil’s growth will focus on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies with partners.
Commenting on the transaction, Abdulwasiu Sowami, Chairman of Ignite, said, “This investment is of strategic importance to support our quest of continuously adding value to the Nigerian oil and gas industry.”
The company has also announced the appointment of Olumide Adeosun and Moshood Olajide as Chief Executive Officer and Chief Financial Officer of Forte Oil respectively
Who's Abdulwasiu Sowami?
Abdulwasiu Sowami is the Chairman of Ignite Investments and Commodities Limited, who will now double as Chairman of Forte Oil Plc.
He is also the brain behind Prudent Energy Limited, one of the local oil firms given licence to lift Nigerian crude. In May 2018, NNPC granted his company and 31 others licence to lift 950,000 barrels each of crude oil in a two-year duration of the contract from July 2018 to June 2020.
The company, established in 2014, profiles itself as one of the players in petroleum marketing, marine logistics, and oil sector consulting.
He is an Alumnus of the University of Maiduguri, and a Master’s degree holder in Corporate Governance from Leeds Beckett University, UK.
Sowami started his career with Besse Oil and Service Limited, moved on to Cosmos Oil Limited and later to Ignite Energy Limited. He has served in various capacities in these organisations specifically downstream operations.
He has a robust industrial background and experience, spanning over two decades in the energy sector, especially, in Petroleum Products Marketing, Distribution and Logistics.
Sowami is an Associate Member of the Institute of Directors, lover of sports and he is happily married with children.