- Otedola Sells Forte Oil to Abdulwasiu Sowami
Femi Otedola, the billionaire businessman, has finalised the sale of his 75 percent stake in Forte Oil to Abdulwasiu Sowami, the owner of Prudent Energy.
The billionaire on Wednesday announced to his 650,000 followers on Instagram that the deal is now complete.
The former chairman of Forte Oil said he is now prepared to focus on his investment in the power sector.
“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, ” the billionaire wrote on Instagram.
“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.”
Shares of Forte Oil rose by N3.15 or 10 percent to N31.15 on Wednesday to emerge the highest gainer.
Total shares of 973,252,173 valued at N64,377,743,658.55 were traded on Wednesday.