Ignite Investments and Commodities Limited reached an agreement to acquire 74.02% stake in downstream business from Forte Oil Plc (NGSE:FO) on December 24, 2018. Transaction is subject to the satisfaction of various conditions and receipt of applicable regulatory approvals. Transaction is expected to close in the First Quarter of 2019. Sefton Fross acted as legal advisor, PwC Corporate Finance LLP and Stanbic IBTC Capital Limited acted as joint financial advisors for Ignite Investments. Olaniwun Ajayi & Co. acted as legal advisor and Standard Chartered Bank, UAE acted as financial advisor for Femi Otedola, the majority shareholder of Forte Oil Plc. Ignite Investments and Commodities Limited completed the acquisition of 74.02% stake in downstream business from Forte Oil Plc (NGSE:FO) on June 19, 2019. The Forte brand will remain in place and that the Transition of the Board of Directors has begun and new Directors have been appointed subject to ratification by the shareholders at the next general meeting. The completion is consequent upon receiving all the necessary approvals from the Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) and fulfilling all relevant terms and conditions attached to the share purchase agreement.