Femi Otedola, has announced the sale of Forte Oil Plc.
The Billionaire Businessman, 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”.
According to Otedola, in a message he posted on Instagram on wednessday, he confirmed that the sale process is now complete and he is prepared to focus on his investment in the power sector.
Femi Otedola wrote; “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.
Femi Otedola further 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.”