Uche Usim, Abuja
The Executive Chairman of Forte Oil Plc, Femi Otedola, on Wednesday announced that the planned sale of his company, which journey commenced last year, had been completed.
Otedola, who was chairman of the oil firm, had announced the plan to sell off his 75 percent stake in the company to “maximise the opportunities in refining”.
In a message he posted on Wednesday, the businessman said the process had been completed and he was 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,” he wrote.
“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,” he said.