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JUST IN: Femi Otedola sells Forte Oil
Nigerian billionaire, Femi Otedola, on Wednesday , revealed that he has sold his interests in Forte Oil .
On his verified Instagram handle , Otedola said , he has moved on from being a player in the petroleum industry to focusing on his power generation business.
Sharing a photo of the different brand changes that the oil company had undergone, Otedola 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 . ”
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