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Nairaland Forum / Nairaland / General / Business / Femi Otedola To Buy The Upstream Of Forte Oil Plc (22849 Views)
Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business / Femi Otedola To Sell His Forte Oil Shares / See The Dilapidated Road That Femi Otedola's Forte Oil Rehabilitated In Lekki (2) (3) (4)
Femi Otedola To Buy The Upstream Of Forte Oil Plc by Omooba77: 6:36am On Jan 17, 2019 |
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/ 3 Likes 3 Shares
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Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by Omooba77: 8:06am On Jan 17, 2019 |
Good business sense FO. Trying to build an empire 11 Likes |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by Omooba77: 12:49pm On Jan 17, 2019 |
Competing with Dangote lalasticlala 2 Likes |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by tstx(m): 1:44pm On Jan 17, 2019 |
Cool... Maybe next year he will join the men in the list below Forbes: These Are the Richest People In Nigeria, 2019 |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by itiswellandwell: 1:45pm On Jan 17, 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. 3 Likes |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by koladebrainiac(m): 1:45pm On Jan 17, 2019 |
this is business sense |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by wilcox(m): 1:47pm On Jan 17, 2019 |
Nice move |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by Exquirejnr: 1:47pm On Jan 17, 2019 |
He's playing the game of chess... |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by chijioke17(m): 1:49pm On Jan 17, 2019 |
Thought there was a time he said he wanted to sell forte oil |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by kokubillions(m): 1:49pm On Jan 17, 2019 |
I thought this man is broke |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by Nobody: 1:49pm On Jan 17, 2019 |
Omooba77:him money don drop ...him dey compete with e money or hushpuppi now 11 Likes |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by Oceannaagent: 1:51pm On Jan 17, 2019 |
Ok |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by semyman: 1:51pm On Jan 17, 2019 |
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. |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by StFrankeinstein(m): 1:52pm On Jan 17, 2019 |
Nice one there. Mr. Femi, I am next in line to start buying. Amen |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by unitysheart(m): 1:52pm On Jan 17, 2019 |
chijioke17: He divested from the downstream. He moved to Upstream. |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by chijioke17(m): 1:52pm On Jan 17, 2019 |
unitysheart:Thanks |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by emmabest2000(m): 1:54pm On Jan 17, 2019 |
Oil na oil .. if you know you know 3 Likes 2 Shares
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Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by wellmax(m): 1:59pm On Jan 17, 2019 |
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. 1 Like |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by sanmtiago(m): 2:00pm On Jan 17, 2019 |
Upstream!! This guy get money oh. |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by holysaint1(m): 2:02pm On Jan 17, 2019 |
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..
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Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by centuryseries(m): 2:02pm On Jan 17, 2019 |
The big boys Please check my signature if you want to buy any computer accessories or repair a faulty computer. You pay on delivery when you buy any accessories from us. |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by Acidosis(m): 2:04pm On Jan 17, 2019 |
chijioke17: No single individual can sell a public liability company. He only sold his downstream shares (about 70%) and now divesting to the upstream. |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by chijioke17(m): 2:07pm On Jan 17, 2019 |
Acidosis: Okay, thanks, that's what I actually was referring to 1 Like |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by Ijaya123: 2:20pm On Jan 17, 2019 |
God bless Buhari. Genuine business people are expanding their investments while supporters of corruption are wailing. 2023 still far. 1 Like |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by ogatboy(m): 2:25pm On Jan 17, 2019 |
Omooba77: The world is fast moving away from oil. In 2030 oil won't have much value anymore 1 Like |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by zonax(m): 3:04pm On Jan 17, 2019 |
ogatboy: 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. 1 Like |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by rexwalters: 3:05pm On Jan 17, 2019 |
Omooba77:Aliko Dangote is Femi Otedola's oga. |
Re: Femi Otedola To Buy The Upstream Of Forte Oil Plc by deepwater(f): 3:39pm On Jan 17, 2019 |
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. |
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