Billionaire businessman, Femi Otedola, has announced the sale of Forte Oil Plc.
Otedola, who was chairman of the oil firm, had announced plans to
sell off his 75 per cent stake in the company to “maximise the
opportunities in refining”.
In a message he posted on Instagram on Wednesday, he confirmed that the process is now complete.
According to Otedola, he is now prepared to focus on his investment in the 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,” he wrote.