Nigeria magnate and business icon, Femi Otedola has sold his interests in Forte Oil Nigeria.
He made the announcement Wednesday on his verified Instagram handle. Femi Otedola who took over African Petroleum few years earlier and changed the name to Forte Oil in his desire to transform the moribund petroleum marketing company, shared a photo of the changes in the company from British Petroleum that began in 1964, to African Petroleum in 1990, till he took over controlling shares and it became Forte Oil in 2012.
Otedola did not leave his numerous admirers in doubt as to why he took the decision. He said on his IG page:
“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.”
The cost of the deal was not disclosed. But those familiar with the industry said that it was a good deal for the businessman cum philanthropist.
Otedola wished those taking over Forte Oil success and admonished them to ensure that the legacies established for the company since 1964 is sustained.