Sefton Fross advised Ignite Investments and Commodities Limited, an affiliate of Prudent Energy and Services Limited, on its acquisition of 74.02% of the issued share capital of Forte Oil Plc, beneficially owned by Femi Otedola, CON. Forte Oil Plc is one of Nigeria’s leading downstream oil and gas companies.
Ignite Investments and Commodities Limited will take over a controlling stake in Forte Oil Plc, as it has received all the necessary approvals from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) and has fulfilled all the relevant terms and conditions in the Share Purchase Agreement.
This acquisition announcement follows the divestment announcement published by Forte Oil Plc on December 24, 2018.
Sefton Fross acted as legal advisor, and worked together with Stanbic IBTC Capital Limited and PriceWaterhouseCoopers, as Joint Financial Advisers to Ignite Investment and Commodities Limited.