Nigerian billionaire and oil mogul, Femi Otedola, on Wednesday announced that the sale of Forte Oil Plc, has been completed.
The philanthropist who was the chairman of the oil firm disclosed last year that he is planning to sell off his 75 percent stake in the company so as to maximise the opportunities in refining.
Otedola on his verified Instagram page announced his exit from Forte Oil with this post…
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. We wish our successors the very best and urge them to build on our legacies which have been established since 1964 🙏🏿 …F.Ote