Femi Otedola sold controlling shares in Forte Oil to focus on power generating plant.

June 19, 2019 by  
Filed under Nigeria Stock Exchange

The chairman of Forte Oil, Femi Otedola a farewell message to his successor. “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💲”, he said.

The plan to sell his control shares of Forte oil began in December 2018. He sold his stake to focus on the recently acquired Amperion power distribution company.

Amperion Power plant was acquired for $132 million dollars. It has 414 megawatt power plant and Femi Otedola want to be a leader in the power industry.

According to Forbes “Publicly traded Forte Oil made the announcement on Monday in a press release signed by the company’s General Counsel, Akinleye Olagbende.

“Forte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities and Exchange Commission, shareholders and the investing community that its majority shareholder, Mr Femi Otedola, has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 per cent direct and indirect shareholding in the company’s downstream business,”.