Otedola Changes Instagram Bio As He Finally Exits Forte Oil
The Nigerian businessman, Femi Otedola has said the process for the sale of Forte Oil Plc has been completed.
In December 2018, Otedola said he would be selling his 75% stake in Forte Oil because he would like to maximise the opportunities in refining, adding that transaction will be completed in the first quarter of 2019.
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However, the philanthropist took to his Instagram today saying he’s now set to focus on his investment in the power sector as the transaction over the oil company has been fully completed.
He also went on to edit his Instagram bio to reflect the change.
“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,” he wrote.
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“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.”
