Oil Magnate and Chairman of Forte Oil, Femi Otedola, has announced his exit from the oil sector with the sale of final 75% stake in Forte to a local oil trading entity, Prudent Energy.
The Chairman made this announcement via a tweet
“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”
As the tweet shows, he will be focusing on the power sector.
Late last year, Forte Oil announced that its controlling shareholder, Otedola, was selling off his interest in the company. According to a disclosure notice sent to the Nigerian Stock Exchange, “Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximize business opportunities in refining and petrochemicals.”
