Forte Oil Logo, Owner & other Facts about Company

How did the Forte Oil Logo Come about?

Forte Oil PLC was a British Petroleum Company incorporated on December 11, 1964, under the brand name British Petroleum Nigeria Limited.

Forte oil in 1977 after a decade and 4 years (14) of operation, proceeded to change the company status from being a private limited liability company to a public liability company.

The British firm decides to sell 40% of the company’s shareholding to Nigerians in accordance with compliance with the provisions of the Nigerian Enterprises Promotion Decree of 1977.

After 12 months, Forte Oil PLC sold 60% of her Shareholdings to the Federal Government of Nigeria under the management of Nigerian National Petroleum Corporation (NNPC).

Come 1979, The company again had her name changed from the British Petroleum to African Petroleum PLC, this time NNPC’s share in AP was reduced by 20%.

In 1989 the Federal government decided to sell 20% out of the Large 60% holding to Nigerians and this caused the stake of citizens in the company to rise from 40% to 60%.

19 Years ago, the Federal Government at the time she was speculating for privatization decided to divest and make the remaining 40% shares in the company available to Interested Nigerians and Investors.

In May 2007, there was restructuring in the Incorporated Trustees of NNPC’s Pension Fund which made it divested its stake to Zenon Petroleum & Gas Limited this resulted into making the majority shareholder in the company’s stake. Zenon Petroleum & Gas Limited and its affiliated holders became the core investor in the African Petroleum PLC.

African Petroleum institutionalized a restructuring and rebranding strategy which led to the company’s name change in 2010 from African Petroleum PLC to Forte Oil PLC and hence the new Forte Oil Logo.

Femi Otedola is Forte Oil owner, he is a Nigerian businessman, philanthropist, and he is the former chairman of Forte Oil PLC a company that import fuel-related products.