in

Femi Otedola Confirms Sale Of Forte Oil

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.

Loading...

READ  Otedola To Foot Former Super Eagles’ Coach, Christian Chukwu’s Medical Bills

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Luis Enrique Steps Down As Spain Coach

FIFA World Cup Round of 16: Super Falcons Know Fate Today