Business mogul, Femi Otedola, has sold off his 75 percent stake in Forte Oil.
The billionaire businessman hinted in 2018 the plan to sell off his 75 percent stake to “maximise the opportunities in refining”.
In a message he posted on Wednesday, Otedola said the process had been completed.
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He stated he is prepared to focus on his investment in the power sector.
According to him: “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.”
It should be recalled that Otedola, had announced his decision to sell all his shares in the firm’s downstream business in 2018, which was more than three years after the firm sold 17 percent of its equity to a Swiss oil trading firm.
Forte Oil disclosed the divestment plan by its majority shareholder in a notice signed by its General Counsel, Mr Akinleye Olagbende.
