Otedola offloads shares in Forte Oil for $125m

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Otedola offloads shares in Forte Oil for $125m 1

Nigerian businessman Femi Otedola has concluded the sale of his 75 percent stake in Forte Oil to Prudent Energy, a local oil trading firm, six months after he declared his plan to offload the shares.

Otedola, who has begun a six-week vacation in London, announced the sale on his Instagram page and he said he will now focus on Nigeria’s 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,” Otedola told his 650,000 followers on Instagram.

“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”.

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