Nigerian Billionaire Femi Otedola Sells Stake in Forte Oil

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The Chairman and a majority shareholder of Nigerian oil firm Forte Oil Plc, Mr Femi Otedola, has announced the sale of his entire shareholding in the oil firm’s downstream and upstream businesses.

Forte Oil had disclosed on December 24, 2018, the divestment by its majority shareholder, with Otedola saying he had reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 percent direct and indirect shareholding in the company’s downstream business.

“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,” he said via his official Instagram handle.

“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.,” he added.

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