Business mogul, Femi Otedola has announced his exit from Forte Oil.
This is coming months after the billionaire had informed the public that he would sell his shares to Prudent Energy, a local oil trading firm.
However, Otedola who happens to be the majority shareholder of Forte Oil Plc had mad it known on Instagram that eh has sold his 75 percent stake in the oil marketing company in order to focus on his power generation business, Geregu Power Plc.
He also went on to wish his successors at Forte Oil “the very best”.
Here’s what he wrote on hi Instagram page:
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?