Ardova Plc has announced the appointment of a new managing director/chief executive officer to take the place of Olumide Adeosun, who resigned from the firm effective 31 August.

Mr Adeosun, who became the chief executive of the energy firm (formerly known as Forte Oil) in June 2023, after billionaire oilman Abdulwasiu Sowami acquired the controlling stake, is leaving to pursue new interests and opportunities, according to a statement seen by PREMIUM TIMES.

He will hold the position for the rest of the year to ease the passage to a new executive management.

Ardova’s executive director for finance, Moshood Olajide, has been named to take his place.

Mr Olajide will help steer the company’s post-listing transformation into a leading integrated oil & gas firm on the continent, Ardova said.

“Ardova is the crown jewel in our portfolio and is in an exciting position to create value in the energy industry, with many opportunities ahead,” said Mr Sowami, chairman of Prudent Group, the parent company of Ardova.

“I look forward to working closely with our partners and the Ardova leadership to continue executing on the company’s long-term vision & strategy.

“On behalf of the board of directors and staff, I thank Olu for this contributions to the growth of the company. We wish him well in the future,” he added.

Mr Adeosun promised to collaborate with the chair and board to facilitate a hitch-free transition.

Ardova runs a network of retail outlets numbering 695 across the country.

In February, Ignite Investments & Commodities Limited, the investment portfolio company of Mr Sowami, offered N16.9 billion to other shareholders of the company in a move to take it private.