Nigerian billionaire Femi Otedola is set to buy the upstream business of Forte Oil Plc. and its power generating business Amperion Power Distribution Company Limited. The company made this known on Wednesday (January 16) in a notice to shareholders published by the Nigerian Stock Exchange (NSE).
According to the company, shareholders had last year authorised a restructuring that will see Forte Oil sell its upstream and power businesses, as well as its downstream business in Ghana AP Oil&Gas Ghana Limited.

“A public tender sale process was commenced to attract interested potential investors to participate in the divestment opportunity,” the notice reads, adding, however, that a review of the process showed low interest from investors, especially for Amperion Power which was priced lower than the company expected.
Otedola, who is also the company’s chairman has therefore indicated interest in the divestment opportunity through a designated vehicle.

Shareholders will at an Extraordinary General Meeting (EGM) on February 7 vote on whether to allow the chairman participate in the divestment opportunity.
Otedola had last year sold his 75 percent stake in Forte Oil’s downstream business. When the company announced the sale, Forte Oil explained the chairman’s decision was to enable him pursue business opportunities in refining and petrochemicals.

https://thenerveafrica.com/26078/nigerian-billionaire-to-buy-upstream-business-of-the-oil-company-he-chairs/

Good business sense FO. Trying to build an empire

Competing with Dangote lalasticlala

Cool... Maybe next year he will join the men in the list below


Forbes: These Are the Richest People In Nigeria, 2019

Nice one. Trying to work on making the best from dangote refinery. He's been making some huge business decisions since the inception of dangote refinery. Well done sir.

Check my signature for air shipping from Nigeria to USA,CANADA and all European countries.

this is business sense

Nice move

He's playing the game of chess...

Thought there was a time he said he wanted to sell forte oil

I thought this man is broke

Omooba77:
Competing with Dangote lalasticlala

him money don drop ...him dey compete with e money or hushpuppi now

Ok

Let him offset the humongous outstanding debts and liabilities in the down stream arm before offloading his shares to raise the funds for this plan.

Well, I pity any foolish investor that will not look a Greek horse gift in the mouth.

Nice one there. Mr. Femi, I am next in line to start buying. Amen

chijioke17:
Thought there was a time he said he wanted to sell forte oil

He divested from the downstream. He moved to Upstream.

unitysheart:


He divested from the downstream. He moved to Upstream.

Thanks

Oil na oil .. if you know you know

When the news broke that he wants to sell his Forte Oil shares on NSE, some ignoramus were busy abusing Buhari.

Otes just restructured his investments.

Upstream!!
This guy get money oh.

OP abeg no vex.. Help a brother in need...

Make i release this thing for here..

I no fit bear am again..

No worry i go spray air freshner..

The big boys


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chijioke17:
Thought there was a time he said he wanted to sell forte oil

No single individual can sell a public liability company. He only sold his downstream shares (about 70%) and now divesting to the upstream.

Acidosis:


No single individual can sell a public liability company. He only sold his downstream shares (about 70%) and now divesting to the upstream.

Okay, thanks, that's what I actually was referring to

God bless Buhari.

Genuine business people are expanding their investments while supporters of corruption are wailing. 2023 still far.

Omooba77:
Nigerian billionaire Femi Otedola is set to buy the upstream business of Forte Oil Plc. and its power generating business Amperion Power Distribution Company Limited. The company made this known on Wednesday (January 16) in a notice to shareholders published by the Nigerian Stock Exchange (NSE).
According to the company, shareholders had last year authorised a restructuring that will see Forte Oil sell its upstream and power businesses, as well as its downstream business in Ghana AP Oil&Gas Ghana Limited.

“A public tender sale process was commenced to attract interested potential investors to participate in the divestment opportunity,” the notice reads, adding, however, that a review of the process showed low interest from investors, especially for Amperion Power which was priced lower than the company expected.
Otedola, who is also the company’s chairman has therefore indicated interest in the divestment opportunity through a designated vehicle.

Shareholders will at an Extraordinary General Meeting (EGM) on February 7 vote on whether to allow the chairman participate in the divestment opportunity.
Otedola had last year sold his 75 percent stake in Forte Oil’s downstream business. When the company announced the sale, Forte Oil explained the chairman’s decision was to enable him pursue business opportunities in refining and petrochemicals.

https://thenerveafrica.com/26078/nigerian-billionaire-to-buy-upstream-business-of-the-oil-company-he-chairs/

The world is fast moving away from oil. In 2030 oil won't have much value anymore

ogatboy:


The world is fast moving away from oil. In 2030 oil won't have much value anymore

Ote$ too is moving away from oil. He is a wise man. Moved away from the downstream sector which is based strictly on oil to the upstream. More cars may stop running on oil in a few more years, but they would always need lubricants. Natural gas and minerals ain't really dying soon ( at least not till few more decades if at all they would.

Omooba77:
Competing with Dangote lalasticlala

Aliko Dangote is Femi Otedola's oga.

lol

Niccur is creating a special purpose vehicle to stay away from bad debt.

Nobody is selling sh.i.t

see my fellow country men above hailing him without understanding the principle of his actions.