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.
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