Billionaire oil magnate and one of the richest men in Nigeria is about to sell his oil company Forte Oil. This was made known by the Nigerian stock exchange market which made the revelation of his 75% share that is up for sale. A letter signed by his general counsel of Forte Oil Akinleye Olagbende, Otedola said he was divesting from the company in order to “explore and maximise
business opportunities in refining and petrochemicals”. “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, CON has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full
75% direct and indirect shareholding in the Company’s downstream business,” the statement said. Otedola has been the majority shareholder in the company since 2007, when the Incorporated Trustees of NNPC’s Pension Fund divested its stake to the Otedola-owned Zenon Petroleum & Gas Limited. The sale of his shares at Forte Oil should be complete by 2019.
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