Wednesday, June 19

Nigerian Oil Tycoon Femi Otedola announces his exit from Forte Oil


femi-otedola-sells-forte-oil
Oil Mogul and Entrepreneur Femi Otedola has announced the sale of his 75% stake in Forte Oil, a publicly listed oil marketing company, to Prudent Energy, a local oil trading firm.

The former chairman and majority shareholder of Forte Oil sold his shares in the oil marketing company and will now focus on Geregu Power Plc.
 
On Wednesday, Femi Otedola posted on his Instagram page where he has more than 650k followers, the philanthropist announced that the sale has been completed and he is now prepared to focus on Nigeria’s power sector.

“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?”

Femi Otedola, one of Nigeria’s richest men, acquired a controlling stake in African Petroleum, a struggling petroleum marketer in 2008 and transformed it into Forte Oil.

The businessman has recently spent hundreds of thousands of dollars footing the hospital bills of popular Nigerian celebrities with life-threatening ailments.


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