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Femi Otedola moves focus to Geregu power plant after sale of Forte oil

Nigerian businessman Femi Otedola has announced his move to invest $1 billion in Geregu power plant.

Okay.ng understands that this move is coming after completely selling Forte Oil.

Otedola in an Instagram said he will now move his focus to Geregu power plant, a company he acquired in 2013.

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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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💲

A post shared by Femi Ote💲 (@femiotedola) on

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Farouk Mohammed

Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 5 years and focused more on Local/World News on Okay.ng

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