Billionaire Femi Otedola has announced his exit from Forte Oil, a month after announcing that he would sell his shares to a local oil drilling company, Prudent Oil.
The former chairman and majority shareholder of Forte Oil sold his 75% shares in the oil marketing company and will now focus on Geregu Power PLC.
Femi Otedola broke the news 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 ?? …F.Ote?”