The Chairman of Forte Oil Plc, Femi Otedola, has announced that they have sold all shares in the firm’s downstream business, to focus and consolidate on the gains of their power generation business, Geregu Power Plc.
This is coming more than three years after the firm sold 17 per cent of its equity to a Swiss oil trading firm.
The billionaire business man disclosed this on his Instagram page today, June 19th.
“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 �� …F.Ote�” he wrote on Instagram.
Forte Oil, formerly known as African Petroleum Plc, operates majorly in the downstream sector of the oil and gas industry.
Recall that in 2018, the Oil magnate invested $350 million in a power generation company known as Geregu Power plc.
Otedola acquired the company in 2013 through a subsidiary of Forte Oil Plc, Amperion Power Distribution Company Limited.