Sale of Forte Oil completed – Otedola reveals

Billionaire businessman, Femi Otedola has disclosed that sale of his chaired company, Forte Oil Plc, has been completed.

Otedola had announced last year his plan to sell off his 75 percent stake in the company to maximise the opportunities in refining.”

On Wednesday, he announced in a message that the process had been completed and 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,” he wrote.

“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.”