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Nigeria Business Tycoon Femi Otedola Announces Exit From Forte Oil.

In less than six months after Billionaire business tycoon, Femi Otedola informed the public that he would sell off his 75% shares to Prudent Energy, a local oil trading firm, he finally announced his exit from Forte Oil.

Mr Otedola, who was the Chairman and majority shareholder of Forte Oil Plc until recently, revealed on Instagram that he has sold his stake in the oil marketing company and will now focus on his power generation business, Geregu Power Plc. He went on to wish his successors at Forte Oil “the very best”.He wrote ,

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 ?? …F.Ote.

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