The company said the change of name was approved by its shareholders at an Extra-ordinary General Meeting, which held in Lagos on Tuesday, December 18th, 2019. The extra-ordinary meeting was the first one since the acquisition of Forte Oil Plc from Nigerian Billionaire, Femi Otedola.
In a regulatory filing on the Nigerian Stock Exchange, the company added that the notice was under the post-listing requirements for quoted companies.
“Pursuant to the post-listing requirements of the Nigerian Stock Exchange for quoted company, Forte Oil Plc hereby notifies the NSE and the investing public that at the Extraordinary General Meeting of the Company held of the 17th day of December 2019 at the Bespoke Event Centre, Lekki-Ajah Expressway, Lagos, the shareholders of the company duly approved the following resolutions;
1. The shareholders hereby approve that the name of the company be changed from Forte Oil Plc to Ardova Plc.
2. 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..."
Forte Oil Plc now Ardova Plc
The new changes will the second branding strategy and ownership structure in almost 10 years. In December 2010, African Petroleum (AP) changed to Forte Oil following divestment by NNPC’s Pension Fund, making Femi Otedola the company's core investor.
In June 2019, the Nigerian business tycoon, Femi Otedola, sold all his stakes – direct or indirect in Forte Oil Plc to focus and consolidate on the gains of his power generation business, Geregu Power Plc.
Geregu Power Plc is a subsidiary of Amperion Power and one of the unbundled companies from the defunct Power Holding Company of Nigeria (PHCN) with the sole interest of electricity generation through the use of Gas Turbines.
Whats next for the company – Ardova Plc
With this resolution, the board has full power to approve, sign, and/or execute all documents on behalf of the shareholders. Shareholders and the public are expected to see rebranding of the company's retail outlets across the across the country with Forte Oil fuel stations becoming Ardova Plc.