Femi Otedola completes sale of Forte Oil

Nigerian businessman, Femi Otedola, has completed the sell of his oil firm, Forte Oil. had reported last year that Otedola announced the sell off his 75% shares in the company.

Meanwhile, the business mogul disclosed on Wednesday that the he is moving his investment focus to power sector.

He wrote on Instagram: “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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Last updated: April 5, 2020 - 1:57 am (+01:00)

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Muhammad A. Aliyu

Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior editor at Okay Nigeria.
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