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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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Why FCT Was Removed from Treasury Single Account – Tinubu

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President Bola Ahmed Tinubu explained on Sunday in Abuja that his administration removed the Federal Capital Territory (FCT) from the Treasury Single Account (TSA) to expedite development and enhance resident participation in governance.
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The President, who received FCT residents at the Presidential Villa for Sallah homage, said the bureaucracy associated with the TSA was hampering infrastructure growth in the capital city and had to be reviewed for impact and progress.

The FCT Minister, Nyesom Wike, led the residents during the homage.

President Tinubu highlighted that freeing the FCT from TSA restrictions has swiftly catalysed infrastructure improvements, enhanced healthcare services, and increased security measures.

“I remember the day that the FCT Minister came to meet me, and he said, please take us out of the problem of the TSA so that I can do more work and achieve more. I said show me what you are about to do, and he presented his thinking and belief.

“And everything started changing rapidly. I started seeing the opening up of the rural areas by the FCT, the resuscitation of abandoned projects, and the completion of the Vice President’s official residence that was abandoned for years. The FCT rehabilitated health care centres, upgraded facilities for school children, and provided furniture.

President Tinubu thanked the FCT Minister for proving that liberation from the bureaucracy was necessary and for restructuring the FCT public service so that civil servants could aspire to higher positions and provide leadership.

“We wouldn’t have been able to open our mouths to celebrate if not because of the progressive ideas you brought to FCT. We can now celebrate the innovative ideas brought to the FCT,” President Tinubu said.

President Tinubu encouraged FCT residents and other Nigerians to look beyond ethnic and religious colourations in their leadership choices and focus more on results.

“Today, we live in peace, and security is improving. Hunger is coming down. Food prices are lowering. We can go to the market and do business. And our diversity and belief in ourselves are becoming stronger.

“We are not looking for magic. We are looking for results. We are looking for comfort. We are praying for good health. We are looking for someone who cares,” the President noted.

“The job is not just about Wike or me, but everyone. Nyesom Wike is proving the diversity of Nigeria. He strengthened that diversity to develop prosperity, showing us that we are all members of one family, living together in the same house, in different rooms, and under one roof,” the President said.

President Tinubu urged more tolerance, broadmindedness and patriotism.
“All I appeal for is tolerance, which has brought us this far. We have learnt some lessons from Ramadan. May the lessons continue to be with us,” he said.

The FCT minister thanked the President for hosting the residents in the State House.

“This visit marks a historic moment as it is the first time the FCT residents can extend our greetings and best wishes to you in person during this blessed period. We are genuinely delighted to be here”.

Wike pledged his loyalty to the President and committed himself to developing the capital city, assuring that the FCT would soon complete many projects.

“Despite our varied backgrounds, we are united in our unwavering support for your administration and the Renewed Hope Agenda,” he added.

The Vice President, Sen. Kashim Shettima, National Security Adviser, Nuhu Ribadu and Minister of Information and National Orientation, Mohammed Idris, attended the ceremony.

The FCT delegation included members of the National Assembly, judiciary, religious and traditional leaders, security chiefs and women and youth groups.

Source: State House Press Release 

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Eid-El-Fitr Celebration: Tinubu, Shettima Join Nigerian Muslims in Prayers

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President Bola Tinubu and Vice President Kashim Shettima, on Sunday, joined others for prayers at the National Eid ground in Abuja, as Nigerian Muslims mark the Eid-El-Fitr celebrations together with millions of others around the world.

Deputy President of the Senate, Barau Jibrin, the National Security Adviser, Nuhu Ribadu and some ministers also observed the prayer at the same venue.

Eid-El-Fitr, meaning the festival of breaking the fast, is a time of gratitude, charity and communal harmony.

It began with special prayers known as Eid prayers held in Mosques and open spaces. Following the prayers, families share festive meals, exchange gifts and extend warm greetings.

Eid is a time to remember those less fortunate and to strengthen the bond of brotherhood and sisterhood. A key component of Eid is Zakat al Fitr, a mandatory charitable donation intended to ensure everyone irrespective of their financial situation can participate in the joy of the celebration.

This act of giving embodies the spirit of compassion and solidarity that Ramdan emphasizes. From the elaborate feast of South Asia to the festive clothing of Nigeria and the African continent and the warm gatherings of the Middle East, Eid celebrations vary across cultures, showcasing the rich diversity of the Muslim world.

However, the underlining message of unity, gratitude and compassion remains universal.

Saudi Arabia and some other Gulf Arab states are celebrating the Eid al-Fitr holiday from today, but other Middle Eastern countries will not do so until Monday.

“The Supreme Court has decided that tomorrow, Sunday, March 30, 2025, is the first day of Eid al-Fitr,” the Saudi Royal Court said in a statement carried by official media.

The timing of the holiday, which marks the end of the fasting month of Ramadan, is determined by the sighting of the crescent moon, in accordance with the Muslim lunar calendar.

The United Arab Emirates and Qatar also announced Sunday would be the first day of the holiday.

But neighbouring Oman and Jordan, as well as Shiite-majority Iran, said that Eid al-Fitr would not begin until Monday because the crescent moon had yet to be sighted. Egypt and other North African countries followed suit.

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First Lady, Buhari, Adeleke, Mba Celebrate President Tinubu at 73

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By Eric Elezuo

March 29 marked another circle for Nigeria’s President, Asiwaju Bola Tinubu, as he celebrated his 73rd birthday anniversary.

Across the nation, especially in Lagos and Abuja, supporters rolled out the drums to the hail the 5th president since the return of democracy in Nigeria, in 1999.

But much more than physical gathering, notable individuals explored the social media as well as private statements to honour the president, who took the helm of affairs of the nation since May 29, 2023, with goodwill messagewith goodwill messages.

The president, according to The Punch reports, received numerous well-wishes from governors and other prominent figures.

First Lady Oluremi Tinubu described her husband as her “light in shining armor” in a heartfelt message stating, “I rejoice and thank God Almighty for His faithfulness in your life over the years. I celebrate your courage, strength, and resilience that have all contributed to who we both are today. May you live long in divine health, joy, peace, and prosperity.”

Osun State Governor Ademola Adeleke commended President Tinubu for his significant contributions to the nation’s economic and democratic development, recalling his transformative tenure as Lagos State governor and ongoing reforms at the national level. “Our dear Asiwaju and Commander-in-Chief of this federation, as you celebrate your 73rd birthday, I pray that God grants you more blessings and grace to continue succeeding in your presidential mandate while living many more years in good health and prosperity. Happy blessed birthday, Mr. President,” he stated.

Enugu State Governor Peter Mbah also extended his best wishes, saying, “On behalf of the Government and the good people of Enugu State, we wish you a happy 73rd birthday. We hope for many more years of good health and joy. We pray that God orders your steps and grants you His uncommon grace as you guide our nation through these challenging times toward a prosperous future.”

Former President Muhammadu Buhari, also sent his regards through a statement by Garba Shehu.

“When we pray for our leaders, we are praying for ourselves and the nation. We owe this to ourselves and the nation,” the statement said, adding that he and his family remain indebted to President Tinubu and other party leaders for their invaluable contributions to the formation of the All Progressives Congress.

Tinubu, who declared that his aspirations for the nation, are rooted in peace amd stability, saying “My prayer is for stability, peace, and the safeguarding of our people. We work hard and pray harder. We thank God,” also kept faith with the spirit of gratitude, and attended a special prayer session at the National Mosque, where he was joined by dignitaries, including Vice President Kashim Shettima. Following the prayers, the president took time to greet several monarchs and imams present at the mosque.

Tinubu has received more knocks than kudos since his ascension of office in 2023 owing to his policies, which have impoverished Nigerians, as well as what most Nigerians term as the muffling of other arms of government to dance to the tune of the executive, with special mention of the judiciary and the legislature.

We join other Nigerians to wish Mr. President a happy birthday.

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