Just in: Femi Otedola to sell company, Forte Oil

ADVERTISEMENT

Nigerian oil magnate, Femi Otedola has declared his intentions to sell his company, Forte Oil.

He sent a letter to the Nigerian Stock Exchange informing them of his decision to sell his 75% direct and indirect shareholdings in Forte Oil.

In the letter signed by Akinleye Olagbende, the general counsel of Forte Oil, Otedola said he was parting ways with 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.

PAY ATTENTION: Dockaysworld is giving out ₦10,000 to our active fans on Whatsapp CLICK HERE to participate now and win exclusive prices, airtime and gifts daily!!!!!!  

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 will not be finalized till the first quarter of 2019 when some requirements have been met. 



Share this article



Follow Dockaysworld

ADVERTISEMENT

Recommended articles

FG To Convict Ex-CBN Gov, Emefiele Over Suspected Economic Sabotage Charges

FG To Convict Ex-CBN Gov, Emefiele Over Suspected Economic Sabotage Charges

CBN Governor, Cardoso summoned over lifting forex ban on toothpicks, others

CBN Governor, Cardoso summoned over lifting forex ban on toothpicks, others

You just lost a customer – Fans blast billionaire Tony Elumelu for accepting visit from Tinubu [photos]

You just lost a customer – Fans blast billionaire Tony Elumelu for accepting visit from Tinubu [photos]

BREAKING: Supreme Court Orders Recirculation of old N200, N500, N1000 notes till Dec. 2023

BREAKING: Supreme Court Orders Recirculation of old N200, N500, N1000 notes till Dec. 2023

BREAKING: President Buhari Extends Deadline for Expiration of Old 200 notes “only” to April 10 [video]

BREAKING: President Buhari Extends Deadline for Expiration of Old 200 notes “only” to April 10 [video]

Old notes no longer legal tender – CBN tells Nigerians

Old notes no longer legal tender – CBN tells Nigerians

Our paper is not enough to print new naira notes – CBN Governor Cries Out

Our paper is not enough to print new naira notes – CBN Governor Cries Out

Protesters storm Bank entrances in Lagos to condemn lack of new naira notes [video]

Protesters storm Bank entrances in Lagos to condemn lack of new naira notes [video]

BREAKING: CBN Extends New Naira Notes Deadline to February 10

BREAKING: CBN Extends New Naira Notes Deadline to February 10