Nigerian billionaire, Femi Otedola, confirmed Wednesday that his business interest in Forte Oil Plc has been sold to enable him concentrate his efforts in other businesses.
Otedola also explained that he has completed his divestment from Forte Oil Plc, following a fulfilment of a full payment plan by Prudent Energy Services Ltd, who will now take over the Forte Oil company.
Otedola took to his verified Instagram account to announce this new development, stating that he has moved on from being a player in the petroleum industry to focusing on his power generation business.
Sharing a photo of the different brand changes that the oil company had undergone, Otedola wrote:
“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.”