Forte Oil postpones AGM

forte-oil Photo credit: Logbaby.com
Forte oil (Photo credit: Logbaby.com)

Forte Oil on Wednesday announced the postponement of its 40th annual general meeting.

The announcement was contained in a disclosure notice sent to the Nigerian Stock Exchange, NSE, Thursday.

The notice, signed by Olumide Adeosun, the company’s Chief Executive Officer, said the decision followed an approval by the Corporate Affairs Commission.

A letter attached to the notice said the approval for 3 months extension was granted with effect from August 21. The letter was signed by M.H Aliyu, Registrar General of the CAC.

The new date of the AGM has, however, not been fixed by the company.

“We confirm that the exchange will be notified of the date for the AGM,” the notice said.

In June, billionaire oil magnate, Femi Otedola, announced the completion of his divestment plans from the company.

Mr Otedola said he would now concentrate on his power generation business.

“In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc,” Mr Otedola said.

Formerly known as African Petroleum Plc, Forte Oil operates mostly in the downstream sector of the oil and gas industry.

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