Oil downstream giant, Forte Oil, has appointed Olumide Adeosun as the company’s new Chief Operating Officer (COO). This is coming amid a further rise in the company’s shares by 2.5 per cent to N32.00 per share, as investors reacted positively to the appointment of Olumide Adeosun as the new COO of the company and Moshood Olajide as the new Chief Financial Officer.
Their appointments followed the acquisition of 74 per cent equity stake in Forte Oil Plc by Ignite Investments and Commodities Limited led by Prudent Energy Services Limited, after the divestment by Femi Otedola. Adeosun has extensive knowledge, developed over 18 years of experience, encompassing oil and gas, renewable energy, power, and strategy both locally and internationally.
The COO began his career at Price Waterhouse Cooper (PwC) in London, in 1998, where he provided advisory services to a range of multinational clients in the financial sector. In 2004, he worked as a consultant to British Petroleum (BP) Plc on a compliance program and eventually moved to join the company as Group Control Manager, BP Finance. At BP Plc, he helped to deliver a successful organisational transformation program, reducing complexity across the firm’s global financial business processes.
Following the successful delivery of the transformation programme, he held several commercial roles in BP Plc, eventually culminating in his playing a key role in the integrated supply and trading business. He supported the development of a West African trading and shipping strategy, which was instrumental in opening oil trades with Nigerian and West African counterparties. In 2011, he was appointed Vice President, Commercial Development & Operations for BP’s Nigeria trading business, which delivered a gross profit of $12 million in the first year of operations in West Africa.
Prior to his recent appointment, Adeosun held various leadership roles, including, Head of Strategy Consulting for West Africa and Head of Capital Projects and Infrastructure where he was lead adviser on a number of multi-billion-dollar projects. Notably, he co-led the buy-side advisory of one of the largest acquisition deals in the Nigerian downstream oil and gas sector.
While at PwC, he contributed to leading industry publications including “Nigeria’s Refining Revolution” (2016), which still serves as a roadmap for local refining in Nigeria. He is also a PwC Africa Values Award Winner (2017).
Adeosun holds a BSc in Architecture from Woodbury University, California and an MSc in Mathematics from Royal Holloway College, University of London.