Forte Oil New CEO Assures Stakeholders of Better Performance

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Olumide Adeosun

Goddy Egene
The new Chief Executive Officer of Forte Oil Plc, Mr. Olumide Adeosun yesterday assured stakeholders that the petroleum marketing firm will remain listed on the Nigerian Stock Exchange and would not buy out the minority shareholders.

Adeosun, spoke against the background of apprehension that following the entry of new investors who bought over shares divested by Femi Otedola, the new majority investor may buy out the minority shareholders and delist from the exchange.

Speaking on the future plans for the company, the new CEO said the new owners were in for long term investment and wanted every stockholder to hold his or her shares.

“Our message to our minority shareholders is that we are going to sustain the business here, we want people to retain their shares in this company. Our views and our desires is that people who are stockholders of this company continue to remain stockholders of this company and benefit from the dividend we hope to deliver over time,”he said.

According to him, the company has put together a strong board made up of professionals that would take the company to the next level.

On the brand, he said Forte Oil brand will remain in place pending when they decide to change it, emphasising that there would be a rebranding in future to reflect the new structure.

He said the company’s strategic future focus would be on people, customers, shareholders and corporate governance.

Adeosun said that the company would focus on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies to boost revenue.

According to him, the company would also invest massively in the downstream sector to achieve desired growth. He said that despite the regulated price of petrol product in the country, Forte Oil would still break even in other petroleum products in the downstream sub-sector.

The Forte Oil boss said that the company was also investing in Liquefied Petroleum Gas (LPG) through partnership with Prudent Energy on 6,000 metric tonnes which is expected to commence in July.
“We have about 800 metric tonnes storage facility in Apapa that will ease products distribution across the country,” he added.

Forte Oil operates in the downstream sector of the oil and gas industry as a foremost indigenous petroleum marketing company with a strategic network of over 500 retail outlets in the 36 states of Nigeria and the capital city of Abuja.