Nigerian business tycoon, Femi Otedola, has announced the sale of his 75 per cent stake in Forte Oil.
The announcement was a sequel to a hint he dropped in 2018 about the sale which he said was to “maximise the opportunities in refining”.
In a message Wednesday afternoon, Otedola said the process had been completed.
He stated he is prepared to focus on his investment in the power sector.
According to him: “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.”