Gbonka Oil & Gas acquires Forte Upstream


Nigeria’s Gbonka Oil & Gas Limited has completed the acquisition of Forte Oil Pls’s stakes in Forte Upstream Services Limited.

In a notice published on BusinessDay Newspaper (today), the company said it acquired a total of 2,499,999 million shares belonging to Forte Oil Plc.

The acquisition has passed all regulatory approvals. Gbonka Oil & Gas said it plans to use the assets to become a leading player in the West African oil servicing business in the next 10 years.

The company started operations in last year as an upstream, midstream and downstream oil and gas company.

It would be recalled that Femi Otedola, the founder of Forte Oil Plc had sold his 75% stakes in Forte Oil Plc. His divestment agreement was with Prudent Energy, investing through Ignite Investments and Commodities Limited, to divest of his full 75% direct and indirect shareholding in the Company’s downstream business.

Vetiva Capital Management Limited and Banwo & Ighodalo advised the transaction.