After several months of documentation processes, Chairman of Forte Oil, Mr. Femi Otedola, yesterday said the sale of Forte oil has been completed. The sale is coming more than three years after the firm sold 17 per cent of its equity to a Swiss oil trading firm.
In a message on his twitter handle, the Forte Oil boss said the process had been completed and he is now prepared to focus on his investment in the power sector.
Last year, Otedola, who was chairman of the oil firm, had announced plans to sell off his 75 percent stake in the company to “maximise opportunities in refining”.
“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
Adewale Sanyaolu
