JUST IN: Billionaire Businessman, Femi Otedola Sells Forte Oil, Exits Fuel Business.
Billionaire businessman, Femi Otedola, has announced the completion of the sale of his stake in Forte Oil Plc.
The business mogul had last year announced he would be selling off his 75 per cent stake in the company.In his post on Instagram, Otedola said he would now 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,” he wrote.
Otedola wished his successors well and urged them to build on the legacies he and his team started at Forte Oil.
“We wish our successors the very best and urge them to build on our legacies which have been established since 1964,” he said.