The billionaire businessman hinted that he decided to sell off his stake in order to maximise the opportunities in refining.
Business mogul, Femi Otedola, has sold off his 75 per cent stake in Forte Oil, a report by TheNation has revealed.
The billionaire businessman hinted in 2018 the plan to sell off his 75 percent stake to “maximise the opportunities in refining”.
In a message he posted on Wednesday, Otedola said the process had been completed.
He stated he is prepared to focus on his investment in the power sector.
According to him: “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.
Last December, Forte Oil announced that its controlling shareholder, Otedola, was selling off his interest in the company. A disclosure notice sent to the Nigerian Stock Exchange (NSE) had said that Otedola reached an agreement with another energy firm, Prudent Energy.
“Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximize business opportunities in refining and petrochemicals,” the disclosure sent to the Nigerian bourse said.
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