CORPORATE NEWS: Forte oil, Access bank.

FORTE OIL: NEW INCOME STREAM

Soon a new income stream may start to reflect and indeed contribute substantially to the fortunes of Forte Oil PLC.
According to a notice signed by the General Counsel of Forte Oil, Akinkeye Olagbende esq, the company has been awarded the contract to lift crude oil on behalf of the Federal Government of Nigeria.
According to Mr Olagbende, this " follows ... successful bid for the rights to the lifting contract as tendered by the Nigerian National Petroleum Corporation (NNPC)."
By implication, Forte Oil stands to earn money as soon as it starts lifting crude as per the awarded rights in addition to its present activities in the sale of petroleum products within Nigeria.
Meanwhile, in another notice, this time signed jointly by Mr Olagbende and the Group Chief Executive, Mr Akin Akinfemiwa,  venerable Layi Bolodeoku has resigned from the board of Forte Oil as non-executive director with effect from December 17, 2015.
No reasons were given for resignation.

ACCESS BANK: DR ISA-DUTSE RESIGNS FROM BOARD.

Dr Mahmoud Isa-Dutse has resigned as a non-executive director of Access bank PLC thus creating a vacuum which must be filled very soon or the bank will be running fowl of the corporate codes of governance.
According to the notice signed by the Company Secretary, Sunday Ekwochi esq, Dr Isa-Dutse resignation was with immediate effect but strictly for reasons to do with work load that made it impossible for him to continue.
Now Access Bank runs the risk of breaching existing codes of corporate governance set by the Central Bank of Nigeria and the Securities and Exchange Commission.
The code demands that non-executive directors should be more than executive ones on the board of companies under their statutory regulation.
In the case of Access bank with the resignation, the board is now made up of 14 members shared evenly between executive and non-executive members.
The notice assured all concerned that the resignation has no undertones that should be brought to the notice of shareholders and that " the bank is identifying candidates to fill the resultant vacancies as soon as practicable."

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