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.
Eid Il Fitr: FPE Alumni President Felicitates With Muslims
Eid Il Fitr: FPE Alumni President Felicitates With Muslims May 13, 2021 The National President of Federal Polytechnic...
Face Of Osun State 2021 Unveil Winners, Releases Stunning Photos
A beautiful Student of Osun state, Obafemi Awolowo University osun state, Queen Bakare Hasiat who emerged the winner Face...
Kizz Daniel welcomes set of twins
Popular Nigerian singer, Kizz Daniel, has announced the birth of his sons. The singer revealed this on Instagram on Saturday...
BBNaija: Big Brother announces date for Season 6 audition, lists criteria
Organizers of Big Brother Naija, BBNaija reality show has announced a new date for auditioning of season 6. A post...
Nollywood star Baba Ijesha arrested for alleged 7-year rape of minor
The Lagos State Police Command has arrested Olarenwaju James, 48, aka Baba Ijesha, a popular Nollywod actor, for defiling a...