Billionaire businessman and Chairman of Forte Oil Plc, Femi Otedola, has announced that the company has sold all shares in it’s downstream operations to focus on their power generation business which is Geregu Power Plc.
He made this disclosure via his verified Instagram handle today, June 19th.
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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💲
Forte Oil operates majorly in the downstream sector of the oil and gas industry.