Billionaire businessman, Femi Otedola, on Wednesday confirmed the sale of his shares in Forte Oil Plc.
Otedola, who was chairman of the oil firm, had announced plans to sell off his 75 per cent stake in the company to “maximise the opportunities in refining”.
In a message he posted on on his social media handled on Wednesday, he confirmed that the process is now complete.
He said that he is now prepared to switch his investment in the power sector.
“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,” he wrote.