This change of name is coming six months after Femi Otedola in June announced the sale of his shares in the company.
In a notice filed at the Nigerian Stock Exchange on Wednesday, the company said the change of name from Forte Oil to Ardova Plc was approved by its shareholders at an Extra-ordinary General Meeting, which held in Lagos on Tuesday.
Otedola on his verified twitter handle where he made the announcement said, “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.”
