Otedola finally sells off 75 percent of his shares in Forte oil

By Odunsi Odunsi On Jun 19, 2019

Business mogul, Femi Otedola, has sold off his 75 per cent stake in Forte Oil.

Recall that the business mogul had in December 2018 announced his plan to sell all of his 75% shares in the company’s downstream business as he seeks to focus on refining and petrochemicals.

In a message he posted on Wednesday, Otedola said the process had been completed.

According to him: “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.”