Billionaire businessman, Femi Otedola has announced his exit from Forte Oil. This comes months after he informed the public that he would sell his shares to Prudent Energy, a local oil trading firm.
Otedola, who was the Chairman and majority shareholder of Forte Oil Plc until recently, revealed on Instagram that he has sold his 75 per cent stake in the oil marketing company and will now focus on his power generation business, Geregu Power Plc.
He went on to wish his successors at Forte Oil “the very best”.
He wrote on IG: A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders.
In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc.
A disclosure notice sent to the Nigerian Stock Exchange (NSE) had said that he reached an agreement with another energy firm, Prudent Energy, which is investing through Ignite Investments and Commodities Limited.
“Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximise business opportunities in refining and petrochemicals,” a disclosure sent to the Nigerian bourse said.