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Otedola Declares Intention to Sell Forte Oil Shares, Exit Fuel Business

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The Chairman of Forte Oil Plc, Mr Femi Otedola, has announced his decision to sell all his shares in the firm’s downstream business.

This is coming more than three years after the firm sold 17 per cent of its equity to a Swiss oil trading firm.

Forte Oil disclosed on Monday the divestment by its majority shareholder in a notice signed by its General Counsel, Mr Akinleye Olagbende.

The notice read in part, “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.

“Mr Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximise business opportunities in refining and petrochemicals. The transaction is expected to close in the first quarter of 2019 subject to the satisfaction of various conditions and receipt of applicable regulatory approvals.”

According to the firm, Standard Chartered Bank, Corporate Finance & Advisory, Dubai, and Olaniwun Ajayi LP served as financial and legal advisers respectively to Otedola, while PricewaterhouseCoopers and Stanbic IBTC Capital Limited served as joint financial advisors and Sefton Fross served as legal advisor to Ignite Investments and Commodities Limited.

The firm, however, stated that the notification was not intended to constitute an offer to sell or a solicitation of an offer to buy any of the ordinary shares or any other securities.

“There will be no sale of the ordinary shares or any other securities in any state or jurisdiction in which such an offer solicitation or sale is not permitted.”

Forte Oil emerged the sixth biggest gainer at the end of trading on the NSE on Monday as its share price rose by 9.84 per cent to close at N31.25.

In October 2015, the firm announced that the Mercuria Energy Group Holdings SA has acquired 17 per cent of its equity, valued at $200m.

The firm said in a statement that Mercuria Energy had made inroads into the West African energy sector through direct investment in Forte Oil.

According to the statement, Mercuria is joining forces with Forte Oil at an auspicious time when equitable funding and expertise is needed to expand and intensify its market penetration to give the company the leverage to further create a positive impact for all shareholders.

Forte Oil, formerly known as African Petroleum Plc, operates majorly in the downstream sector of the oil and gas industry. The group has interests in power generation and upstream services.

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Insecurity: Akpabio Begs Tinubu to Reinstate Police Orderlies for NASS Members

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Senate President, Godswill Akpabio, has appealed to President Bola Tinubu to reconsider the directive withdrawing police orderlies from members of the National Assembly, citing safety concerns.

Akpabio made the appeal during the presentation of the 2026 budget to a joint session of the National Assembly, by President Tinubu, warning that some lawmakers fear they might be unable to return home safely following the withdrawal.

His said: “As we direct the security agencies to withdraw policemen from critical areas, some of the National Assembly said I should let you know they may not be able to go home today.

“On that note, we plead with Mr. President for a review of the decision.”

President Tinubu, on November 23, ordered the withdrawal of police officers attached to Very Important Persons (VIPs), directing that they be redeployed to core policing duties across the country.

According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu issued the directive after a security meeting with Service Chiefs and the Director-General of the Department of State Services (DSS) following heightened security issues in the country.

Under the order, VIPs requiring security are to seek protection from the Nigeria Security and Civil Defence Corps, as the Federal government seeks to boost police presence in communities, particularly in remote areas grappling with insecurity.

Tinubu later reaffirmed the directive on December 10, moments before presiding over the Federal Executive Council, expressing frustration over delays in implementation.

He instructed the Minister of Interior, Olubunmi Tunji-Ojo, to work with the Inspector-General of Police (IGP), Kayode Egbetokun, and the Civil Defence Corps to immediately replace withdrawn escorts to avoid exposing individuals to danger.

“I honestly believe in what I said…It should be effected. If you have any problem because of the nature of your assignment, contact the IGP and get my clearance,” Tinubu said.

“The minister of interior should liaise IG and the Civil Defence structure to replace those police officers who are on special security duties.

“So that you don’t leave people exposed,” he said.

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Defence Gulps Lion Share As Tinubu Presents N58.47trn 2026 Budget to NASS

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President Bola Tinubu has presented a budget of N58.47 trillion for the 2026 fiscal year to a joint session of the National Assembly, with capital recurrent (non‑debt) expenditure standing at N15.25 trillion.

Tinubu presented the budget on Friday, pegging the capital expenditure at N26.08 trillion and putting the crude oil benchmark at US$64.85 per barrel.

He said the expected total revenue is N34.33 trillion, projected total expenditure: N58.18 trillion, including N15.52 trillion for debt servicing. The budget is N23.85 trillion, representing 4.28% of GDP.

The budget was anchored on a crude oil production of 1.84 million barrels per day, and an exchange rate of N1,400 to the US Dollar for the 2026 fiscal year.

In terms of sectoral allocation, defence and security took the lion’s share with N 5.41 trillion, followed by infrastructure at N3.56 trillion.

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Mike Adenuga, Emmanuel Macron Hold High-Powered Meeting in Paris

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Accomplished billionaire businessman and Commander of the French Légion d’Honneur, Dr. Mike Adenuga Jr., GCON, CdrLH, has held a private meeting with the French President, Emmanuel Macron.

The two powerful citizens of the world held the meeting on Wednesday at the historic Élysée Palace in Paris.

The high-level engagement underscores the longstanding relationship between Dr. Adenuga and the French Republic, as well as his continued relevance in global business and diplomatic circles. 

A respected industrialist and philanthropist, Adenuga has been widely acknowledged for his contributions to economic development, telecommunications, energy, and humanitarian causes across Africa and beyond.

The meeting adds to Dr. Adenuga’s growing profile as a bridge between African enterprise and international leadership.

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