JUST IN: Forte Oil Sale Completed, Says Otedola
Femi Otedola, billionaire businessman, said on Wednesday that the sale of Forte Oil Plc, has been completed.
Otedola, who was chairman of the oil firm had last year announced the plan to sell of his 75% stake in the company to “maximize the opportunities in refining”.
In a text obtained by Mouthpiece NG today, the business magnate said the process had been completed and 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,” he wrote.
“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.”