How Ibikunle Amosun Used Wasiu Sowami To Acquire High Profile Investment - |Ads4naira Blog|

How Ibikunle Amosun Used Wasiu Sowami To Acquire High Profile Investment

The enigmatic protégée, Wasiu Sowami!...How
Ibikunle Amosun used him to acquire High-
profile Investments
Tongues are really wagging in the oil and gas
industry, and this is not far from the recent buy-
off of Forte Oil Nigeria Limited.
Since the surprise buy over of billionaire Femi
Otedola’s 75 percent direct and indirect
shareholding in Forte Oil’s downstream business,
there had been a groundswell of speculations
about the new owner, Alhaji Abdulwasiu Sowami,
the managing director of Prudent Energy and
Services, as he enjoys more than a personal
relationship with the former Governor of Ogun
State, Senator Ibikunle Amosun.
We can authoritatively reveal to you that Sowami
has been fronting for Amosun for years unending.
Amosun trusts him so well that he has used him
to buy many blue chip companies, with Forte Oil
now in tow.
While that is no sin, Sowami seems to be lending
credence to the news making the rounds, given
the recent constitution of his board of directors.
He recently announced Sola Adeeyo, the chairman
of AXA Mansard Insurance and Arinola Durosinmi-
Etti, a director at Linkage Assurance, as members
of the board of the board of directors.
But the oil tycoon, Abdulwasiu Sowami may have
bitten more than he can chew. Reason: Two
months after completion of the acquisition of the
majority stake in Forte Oil Plc by oil mogul,
Abdulwasiu Olatunde Sowami,through his
companies, Ignite Investments and Commodities
Limited, and Prudent Energy Services Limited,
there has been a steady dwindling in the fortunes
of shares of a once vibrant energy company. This,
it was learnt, is giving its holders something to
seriously worry about. Mid-June, billionaire
businessman, Mr. Femi Otedola,announced his
exit from the firm, after offloading his 75 percent
stake in Forte Oil, to focus on another business
venture, Geregu Power.
The energy tycoon sold his entire 982,971,950
ordinary shares of 50 kobo each to Sowami’s
company at N66.01 per unit, amounting to a
staggering N64.9 billion.
After Otedola’s departure, came a change in
almost the entire management team of Forte Oil
Plc. Since his exit, it appears he left with the
magic wand of the then flourishing company. It
started with Forte Oil Plc shares losing 40.26
percent at the stock market.
This huge fall, few weeks into the life of a new
owner, is already making some shareholders of
the firm to begin to doubt the future of the
company. They wondered why things have been
on a free-fall since the departure of Otedola, with
insinuations that the businessman might have
seen this coming and decided to speak to his
legs.
Recently, the company also announced the
postponement of its 40th Annual General Meeting.
In a disclosure notice sent to the Nigerian Stock
Exchange, Forte Oil’s new management seeks the
approval for three months extension with no clear
or tentative date on when the AGM will hold.
This has raised a lot of concerns within the oil
and gas industry with some pundits wondering if
Sowami has not bitten off more than he can
chew. Like a bolt from the blues, Sowami came
into the picture as the strange man who bid for
the stake of Otedola in the Forte Oil, a leading
operator in the country’s downstream sector of
the oil and gas industry, which has the third
largest retail outlets in Nigeria.
Though, said to have spent over 20 years in the
Oil and Gas industry and highly-revered among
his peers because of his intelligence coupled with
his keen ability to take calculated risk which puts
him ahead of his competitors, not many believe
Sowami is really up for the game.
Tales swirling around suggest that the Ogun
State-born dude is fronting for some powerful
cartel and that he could not outright sign cheques
to move on with the operations of the oil giants,
without consulting his ogas at the top.
This, it was alleged, has inadvertently caused a
lull in the operations of the company and also
affected the commencement of the rebranding
process of Forte Oil.
But those close to Sowami are saying there is no
cause for worry, as the astute businessman has
kept his nose to the grindstone.
Despite the expected initial challenges, Sowami
will weather the storm and focus on the next
phase of Forte Oil’s growth on increasing
volumes, diversifying business operations,
widening distribution networks and extracting
potential synergies with partners.
Sowami, in his late 40s, is not given to limelight,
as he intentionally avoids the publicity of his
personal brand. Over the years, he has managed
to stay off the public eye until recently. According
to a source, he left the country with his family
upon acquiring Forte Oil to avoid vain attention
from the press and prying public.
As it stands, the big masquerade behind Sowami,
is busy in Abuja as a federal lawmaker trying
place his men in the Buhari government, and
cannot find ample time to see to the activities of
the newly-acquired Forte Oil.

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