Forte Oil Plc, an indigenous, integrated energy company in Nigeria involved in power generation, upstream oilfield services and petroleum marketing, has won the Best Governance Award (Oil & Gas category) for Africa by Ethical Boardroom.
This is contained in a statement signed by Group Head, Chief Compliance Officer and Corporate Services made available to the newsmen in Lagos.
The Ethical Boardroom “Best Corporate Governance” award recognizes and rewards outstanding leadership from boards of public companies who have raised the bar to ensure strong corporate governance in protecting and enhancing long term value for all stakeholders.
The award which look to elevate corporate governance standards globally, comes at a time when Forte Oil is building its long-term vision of a successful company that will be the investment of choice.
Forte Oil was incorporated in 1964 as British Petroleum (BP) Nigeria Limited with the marketing of BP petroleum products as the main focus. It became a public company in 1978 under the Nigerian Enterprises Promotion Decree of 1977 and by 1979, the Federal Government of Nigeria (FGN) had acquired 60 percent share capital of the equity held originally by BP.
This changed the company into an entirely Nigerian concern with a subsequent change of name to African Petroleum (AP).