Connect with us

Brands

Forte Oil Seeks Approval to Change Name to Ardova

Published

on

The board of Forte Oil Plc has called for a special meeting to be held in Lagos next month to approve the renaming of the company to Ardova Plc.

Recall that in June 2019, former majority shareholder of the energy firm, Mr Femi Otedola, sold his 75 percent equity stake in the company to the new owners so as to invest proceeds from the deal in a power company known as Geregu Power Plc. The transaction was reported to have worth N65 billion.

According to a statement earlier released by Forte Oil, Mr Otedola divested his entire 982,971,950 ordinary shares of 50 kobo each to the new owners, Ignite Investments and Commodities Limited, at N66.01 per unit, amounting to N64.9 billion.

In a regulatory disclosure on Monday, November 25, 2019, the board of Forte Oil said it would hold an Extra-Ordinary General Meeting (EGM) at the Bespoke Event Centre on Lekki-Ajah Expressway, Lagos on Tuesday, December 17, 2019 at 10am.

One of the resolutions to be passed at this meeting is for the shareholders’ approval for changing “the name of the company be changed from Forte Oil Plc to Ardova Plc.”

In addition, the board would seek investors’ authorisation to “approve, sign and/or execute all documents, appoint such profession parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the directors of the company in connection with the above resolutions be and are hereby approved.”

Business Post reports that this proposed change of name is coming after the energy firm, had in a statement some months ago, said Ignite Investments and Commodities Limited led by Prudent Energy Services Limited had agreed to retain the brand name, Forte Oil, when Mr Otedola sold his holdings to Chairman of Ignite and Chief Executive of Prudent Energy Services Limited, Mr Abdulwasiu Sowami.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Brands

Winners Of 2019 FirstBank Sponsored National Company Of The Year Competition Contest In The Africa Company Of The Year Competition

Published

on

First Bank of Nigeria Limited has announced that Taidob College Abeokuta, the 2019 winners of the National Company of the Year competition organized by Junior Achievement Nigeria would compete against student teams from 10 other Junior Achievement member countries across Africa. The student team contestants comprise representative from the Kingdom of Eswatini (Swaziland), Ghana, Zambia, Gabon, Uganda, Zimbabwe, Mauritius, Botswana, Kenya and South Africa. The event is scheduled for Friday, 6 December 2019 at Alisa Hotel in Accra, Ghana.

The African stage of the National Company of the Year competition is a buildup and sequel to the national event hugely competed by 12 student companies from across the country, including the eventual winner Taidob College Abeokuta. Terra Kulture, Lagos played host to the event on 3 October 2019.

Speaking on the event, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said “the youngsters from Taidob College are indeed not just solution providers, but also life savers. The impact of their innovation – the Gas Leakage Detector – would go a very long way at solving the problem of fire outbreaks due to gas leakages in homes, offices, and industries. I no doubt believe that they would make Nigeria and indeed the rest of Africa proud at the competition. We are delighted to associate with them and congratulate Junior Achievement on the feats so far attained”.

Last year, Inventive Explorers, from Caro Favored College Ajegunle, emerged the grand winners at the Africa Company of the Year competition in Ghana. Their rechargeable handheld LED traffic lights has solved a real problem in various congested communities and reduced traffic accidents, especially in areas with school children crossing busy streets. Over the years, FirstBank has been at the forefront of partnering with Junior Achievement Nigeria in Company of the year program and competition.

The National Company of the Year Competition (NCOY) is an annual flagship event by Junior Achievement Nigeria’s (JAN), which convenes the winners of the JA Company Program Regional Competitions across Nigeria together to compete for the National Company of the Year Award. The national winner then proceeds to represent Nigeria against other JA Africa member-nation companies.

Continue Reading

Brands

Keystone Bank boosts workplace engagement and productivity

Published

on

In demonstration of its commitment to promoting fitness, healthy living, fostering effective and healthy workplace collaboration amongst its staff and their family members, Keystone Bank Limited, has announced the launch of a sporting event tagged, Keystone Bank Inter-divisional Games (KIG).

According to the lender, the initiative is part of the bank’s objective in creating a better working relationship on the job thereby boosting performances and building a positive work atmosphere with employee welfare and development at its crux.

At the maiden edition held at the main bowl of the prestigious University of Lagos Sports Centre on Saturday, November 23, 2019, the exhilarating event was a culmination of various sporting activities such as football, table games and track & field. The business divisions within the bank which were grouped into four teams (White Lions, The Bulls, Phoenix and Warriors) competed in games such as sprint, chess, sack race and football. It was indeed a relaxed fun-driven atmosphere where colleagues competed for the glory of winning at the games. Families and friends who attended were also not left out, as they spent time with loved ones bonding and the children thrilled with much excitement.

Speaking on the initiative, Keystone Bank executive director, Olaniran Olayinka said: “Maintaining work-life balance helps reduce stress and helps prevent burnout in the workplace, particularly, as chronic stress is one of the most common health issues in the workplace. It is in view of this that KIG was initiated.

“KIG has enabled the vibrant employee force of Keystone Bank to foster better relationships outside the office which would impact on a better working relationship on the job thereby boosting performances and workplace happiness.

“We will build on the good that has been done in this maiden edition as we push to make Keystone a great place to work.”

Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.

Continue Reading

Brands

Meet the 25-year-old engineer who manufactured Nigeria’s first ‘carbon fibre’ sports car

Published

on

Jerry Mallo, a 25-year-old fabrication engineer and chief executive officer (CEO) of Bennie Technologies LTD, has manufactured Nigeria’s first ‘carbon fibre’ sports car called ‘Bennie Purrie’.

The car was launched on Thursday at the Transcorp Hilton, Abuja.

Speaking during the event, the Plateau-born engineer disclosed that the sports car is the first of many more innovative products he will be manufacturing.

He also appeared on ‘Driving Local Innovation,’ a segment on Channels Television’s Sunrise Daily on Friday, where he explained that the love for luxury vehicles in Nigeria and Africa informed his drive to manufacture such car.

“In Europe, we learnt that making the car is just half of the challenge, and selling it is the other half; Africa is usually is the target place to sell these vehicles, so I feel there’s a big market for it here,” he said.

He added that the availability of the resources for fabricating the car also facilitated such innovation.

Giving the specifications of the car, he said fibre was used in producing the Bennie Purrie so as to enable it withstand shocks in case of an accident.

He added that lack of shock absorbers in aluminium made ones often account for deaths of people whenever a crash occurs.

The car has since been drawing commendations from several quarters, with many using it as a reference to push for made in Nigeria products.

The Plateau state government, who sponsored the unveiling of the innovation at Abuja, also took to his social media handle to commend Mallo, with a picture of Governor Simon Lalong posing inside the car.

“Plateau ingenuity and innovation on the rise as Governor Lalong’s support for young entrepreneurs yield more results. Gov. Lalong unveiled the BENNIE PURRIE, a sports car manufactured by Jerry Mallo of Bennie Agro & Automobile Technology Ltd,” it wrote.

Mallo, however, disclosed that those willing to purchase the sports car will have to wait for two more years when the fabricator will be ready to create one fit for public use.

Continue Reading

Trending