Just in: Femi Otedola to sell company, Forte Oil

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