Nigerian businessman, Femi Otedola, has reached the decision to sell his 75 per cent direct and indirect stake in Forte Oil.
This was contained in a letter signed by the general counsel of Forte Oil, Akinleye Olagbende. He sent the letter to the Nigerian Stock Exchange (NSE). The letter explained that Otedola took the decision in order to diversify by investing in refining and petrochemicals.
The statement reads: “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 tycoon has been the majority shareholder in the company since 2007. He divested its stake to the Otedola-owned Zenon Petroleum & Gas Limited.
The sale of his shareholdings is expected to be completed in the first quarter of 2019. This is “subject to the satisfaction of various conditions and receipt of applicable regulatory approvals”.