Energy mogul Femi Otedola has announced that he’s concluded the sale of Forte Oil.
Otedola announced this in a post on Instagram, saying he’s now focused on his power generation firm Geregu Power Plc.
Forte Oil had sent a disclosure notice to the Nigerian Stock Exchange (NSE) last December that Otedola, its controlling shareholder, had reached a sales agreement with another energy company.
Otedola wrote on Instagram on Wednesday:
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.