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.