Otedola sells Forte Oil

Wed, Jun 19, 2019 | By publisher

Oil & Gas

NIGERIAN billionaire, Femi Otedola, on Wednesday, revealed that he has sold his interests in Forte Oil. On his verified Instagram handle, Otedola said, he has moved on from being a player in the petroleum industry to focusing on his power generation business.

Sharing a photo of the different brand changes that the oil company had undergone, 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.

“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.” – Punch

– June 18, 2019 @ 18:25 GMT |