Mr Femi Otedola has sold his 75 per cent majority stake in the oil marketing company, Forte Oil, divesting a total of his 970.17 million shares of Forte Oil, worth N64.38 billion on the floors of the Nigerian Stock Exchange (NSE) in an off-market trade. Also,, confirming his exit from Forte Oil, Otedola, in a message posted on his verified Instagram page, said he had divested from the business and would now concentrate on his power generation business. Otedola sold his 75 per cent majority stake in the oil marketing company to Prudent Energy, a local oil trading firm. However, Forte Oil is yet to officially file a regulatory notice on the final disengagement of its former chairman and majority shareholder from the company to the exchange. Otedola had signalled his intention to sell off his 75 per cent direct and indirect holdings in Forte Oil downstream business.

Source: Nigerian Tribune June 19, 2019 23:15 UTC