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Finally, Otedola Announces Divorce From Forte Oil, To Concentrate On Geregu Power Plc

Billionaire businessman, Mr Femi Otedola, has finally announced the completion of his divorce and sale of his stake in Forte Oil Plc.

Mr Otedola made the announcement on Wednesday via his official Instagram page

In the post, Otedola reminisced over the audacious business move that he and his team from Zenon Petroleum made to buy controlling shares in government-owned Africa Petroleum.

He said he would now focus on his investment in the power sector.

 

The post read:

“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,” he wrote.

Otedola wished his successors well and urged them to build on the legacies he and his team started at Forte Oil.

“We wish our successors the very best and urge them to build on our legacies which have been established since 1964,” he said.

It will be recalled that Mr  Otedola had earlier  announced the sale of his 75 per cent share to Prudent Energy which invested via ignite investments and commodities  Limited.

With the announcement it is now certain that he is taking another giant step that is certain to become known soon.

View this post 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💲

A post shared by Femi Ote💲 (@femiotedola) on

 

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