Shareholders okay AP’s change of name, auditors
By Peter Egwuatu
Shareholders of African Petroleum (AP) Plc have approved the proposal by its Board of Directors to change the company’s name to Forte Oil Plc.
The approval was given, Wednesday, during the company’s 31st Annual General Meeting (AGM) held in Lagos.
The shareholders at the AGM, which started at exactly 10.00 a.m., unanimously approved the following key resolutions: The change of name of African Petroleum Plc to Forte Oil Plc with immediate effect.; the approval of the Board’s confirmation of Mr, Mike O. Ahme as the new Managing Director/Chief Executive Officer of Forte Oil Plc; the approval of the Board’s confirmation of Mrs Omolola Segun-Idahor as the new Executive Director, Finance & Information Technology of Forte Oil Plc and the re-election of three directors: Dr.Mrs. Grace Ekpenyong, Mr. Chris Adeyemi, and Mr. Nebolisa Arah.
Shareholders also approved the appointment of the two new directors, Deacon Philip M. Akinola and Mrs.Korede Omolaja, to the Board of Forte Oil Plc.
There was a re-election of Reverend Layi Bolodeoku, who has clocked 70 years of age, as a Director, in line with Section 256 of the Companies and Allied Matters Act, 1990.
Other resolutions approved at the meeting was the adoption of the 2009 Annual Report & Accounts, together with the Reports of the Joint External Auditors and the Audit Committee.
There was also the appointment of new auditors, Messrs P.K. Auditors, to replace the erstwhile joint auditors of Akintola Williams Deloitte and Aminu Ibrahim & Co.
Meanwhile, addressing shareholders at the meeting, the Chairman of AP Plc, Mr. Femi Otedola said, “ In 2010, we restructured and re-strategised to make significant recovery from our prior year results. Despite the challenging economic environment, we are continously evolving and striving to remain the preferred energy company delivering unbeatable benefits to all stakeholders. In line with this vision, talks are currently on course with a technical partner to power Distribution Projects. With the inability of PHCN to meet electricity demands independent power plants are the future for Nigeria and AP has keyed into this reality”.
While commenting on the operating results, he said, “ The 2009 was particularly challenging due to the global financial crunch that lingered from the last quarter of 2008. The changes in banking policy and inability of the company to receive most of the proceeds of the 2008 hybrid offer until the last quarter of 2009 compelled the company to borrow working capital at the operating high interest rates.
The supply gap experienced during scarcity also caused a significant decline in sales volume, turnover and profits”.
Specifically, the company recorded a turnover of N159.858 billion in 2009 as against N153.062 billion in 2009. There was a loss before tax of N8.921 billion as against a profit of N7.147 billion in 2008. and loss after tax was N9.159 billion as against a profit of N5.103 billion in the previous year. The Earning Per Share (EPS) stood at N8.48 in 2009 as against N6.47 in 2008.
