The board of petroleum products marketing giant- Forte Oil Plc, on Thursday announced the exit of Akin Akinfemiwa, its Group Chief Executive, after seven and a half years on the job.
In a tweet via its official handle, @ForteOilNg, the company also welcomed Olumide Adeosun, his replacement.
In a terse statement to the Nigerian Stock Exchange (NSE) also on Thursday, Akinleye Olugbende, the company secretary, said the appointment followed the resignation of both Akinfemiwa and Julius Omodayo-Owotuga, the chief financial officer.
The statement also announced the appointment of Moshood Olajide as a replacement for Omodayo-Owotuga.
The change in top management may not be unconnected with Wednesday’s sale of his majority 970.17m shares of Forte Oil, worth N64.38bn or 75% majority stake to Prudent Energy Ltd, investing through Ignite Investments and Commodities Ltd.
Otedola himself confirmed the divestment through his verified Instagram page, where also announced plans to concentrate on his power generation business.
The move, he wrote, is “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.
“We wish our successors the very best and urge them to build on our legacies which have been established since 1964,” Otedola said in his social media handle.