Femi Otedola Exits Fuel Business
Nigerian oil & mogul, business entrepreneur and Chairman of Forte Oil Plc, Femi Otedola as finally sell-off all his shares in the firm’s downstream business, to focus and consolidate on the gains of their power generation business, Geregu Power Plc.
The sell-off business decision from Femi Otedola comes exactly three years after his firm sold 17 percent of its equity to a Swiss oil trading firm.
Forte Oil, formerly known as African Petroleum Plc, operates majorly in the downstream sector of the oil and gas industry.
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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💲
Recall that in 2018, the Oil magnate invested $350 million in a power generation company known as Geregu Power Plc.
Femi Otedola acquired the company in 2013 through a subsidiary of Forte Oil Plc, Amperion Power Distribution Company Limited.