Emerging reports indicate that Billionaire businessman, Femi Otedola, has confirmed the sale of Forte Oil Plc. Otedola, who was chairman of the oil firm, had announced plans to sell off his 75 percent stake in the company to “maximize the opportunities in refining”.
The Billionaire Businessman, who took to his Instagram handle to confirm the development on Wednesday, said the process had now been completed. He disclosed that he was now prepared to focus on his investment in the power sector.
His post read
“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."
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