Femi Otedola Sells 75% Stake in Forte

• Femi Otedola Sells 75% Stake in Forte

Nigerian businessman, Femi Otedola, announced on Monday he would be selling his 75 percent stake in Forte Oil to Prudent Energy, a local oil company.

In the statement signed by the Company’s General Counsel, Akinleye Olagbende, the deal is expected to be closed by the first quarter of 2019.

“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,” the statement said. However, the financial terms of the deal were not disclosed.

In 2007, Femi Otedola bought a majority stake in Africa Petroleum company from the Nigerian government and rebranded the company before eventually renaming it Forte Oil.

According to the statement, the businessman is divesting from downstream business to take advantage of business opportunities in refining and petrochemicals.

“Mr Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximise business opportunities in refining and petrochemicals,” the statement read in part.