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Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business - Business - Nairaland

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Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Faithway10: 2:43pm On Jun 19, 2019
The Chairman of Forte Oil Plc, Femi Otedola, has announced that they have sold all  shares in the firm’s downstream business, to focus and consolidate on the gains of their power generation business, Geregu Power Plc.

This is coming more than three years after the firm sold 17 per cent of its equity to a Swiss oil trading firm.

The billionaire business man disclosed this on his Instagram page today, June 19th.

"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�" he wrote on Instagram.

Forte Oil, formerly known as African Petroleum Plc, operates majorly in the downstream sector of the oil and gas industry.

Recall that in 2018, the Oil magnate invested $350 million in a power generation company known as Geregu Power plc.

Otedola acquired the company in 2013 through a subsidiary of Forte Oil Plc, Amperion Power Distribution Company Limited.


Read more; http://www.amagitesblog.com/2019/06/billionaire-femi-otedola-sells-forte-oil-exits-fuel-business%E2%80%8B.html

6 Likes

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Kendumazy(m): 4:46pm On Jun 19, 2019
Simple business tactics. Diversification! You don't have to limit your thinking to one business. Nice one otemoney!

8GB Atm card flash drive for #1000 only.Check link below https://www.nairaland.com/4972442/clearance-sales-quality-8gb-atm

19 Likes 2 Shares

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by BubuZombi: 4:46pm On Jun 19, 2019
That's Good...



Oil and power which is more profitable

1 Like

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Earthquake3: 4:46pm On Jun 19, 2019
This man has seen the future and ran away from fuel business

201 Likes 13 Shares

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Ijaya123: 4:46pm On Jun 19, 2019
Mission accomplished. Moving on to the next money-making venture. It is called divestment. That's how successful seasoned business-minded people operate.

Meanwhile some morons will still find a way to blame PMB in this.


PstTobi:
I just pray this man won't go broke.

Weldone Prayer Warrior.

28 Likes

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Jaynom(m): 4:46pm On Jun 19, 2019
Smart man. ELECTRIC CARS, ELECTRIC TRUCKS, ELECTRIC HIGHWAYS, ELECTRIC TRAINS, PLANES THAT RUN ON SOLAR ENERGY. He's seen what's ahead. Las Las we go drink our petrol

85 Likes 3 Shares

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by IjebuWarrior: 4:46pm On Jun 19, 2019
Good move! Given the recent trend of oil prices dwindling and a viable alternative to crude oil is around the corner.

This should also be a STERN warning to all the major stake holders of the Niger Delta oil and all those that have held 9ja to stake cuz of her oil.

Las, las... na Thunder go fire dem all! angry

9 Likes

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by MANNABBQGRILLS: 4:46pm On Jun 19, 2019
"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�" he wrote on Instagram.
The whole world step aside for a man who knows where he is going!

33 Likes 6 Shares

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by timileyine(m): 4:47pm On Jun 19, 2019
Ftc
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by DimkpaBini: 4:47pm On Jun 19, 2019
Smart businessman

2 Likes 1 Share

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Dozie32(m): 4:47pm On Jun 19, 2019
Just which i go just de watch car for this man
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Nobody: 4:47pm On Jun 19, 2019
shocked
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by qualityovenbake(m): 4:47pm On Jun 19, 2019
Fossil Fuel and Electric Vehicles(EV) is the Future.

3 Likes

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by omhor(f): 4:47pm On Jun 19, 2019
Unbelievable!!!

1 Like

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Qpetz: 4:47pm On Jun 19, 2019
cheesy

Next Level
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by BakireBulmaker: 4:47pm On Jun 19, 2019
Forte oil is still within the Yoruba family... cool

Odi ok... wink

1 Like

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Danwakae(m): 4:47pm On Jun 19, 2019
NOW SET FOR NIGERIA PLLITICS.
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by crazyABO(m): 4:47pm On Jun 19, 2019
Scam
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by specie103(m): 4:47pm On Jun 19, 2019
Another business about to be unravel
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by yinparc: 4:47pm On Jun 19, 2019
OK
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by femtex007(m): 4:47pm On Jun 19, 2019
That's his own cup of tea

1 Like 1 Share

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Nobody: 4:47pm On Jun 19, 2019
timileyine:
Ftc
FTC?
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by tobtap: 4:48pm On Jun 19, 2019
cool
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Frankyboy1(m): 4:48pm On Jun 19, 2019
Thief
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by BetaJobNG: 4:48pm On Jun 19, 2019
Future isn't looking great for petroleum biz. The guy is looking into the future.


Do you need a new job? Try out https://BetaJob.com.ng

1 Like

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by Abbeyme: 4:48pm On Jun 19, 2019
ok
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by labusinessguide: 4:48pm On Jun 19, 2019
Nothing is stable in business
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by AngelicBeing: 4:48pm On Jun 19, 2019
Hmmmm
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by nurez305(m): 4:48pm On Jun 19, 2019
sad sad
Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by PstTobi: 4:49pm On Jun 19, 2019
I just pray this man won't go broke.

3 Likes

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by chigoziri2403(m): 4:49pm On Jun 19, 2019
Can he also sell dj cuppy shares, I want to invest heavily

2 Likes

Re: Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business by MANNABBQGRILLS: 4:49pm On Jun 19, 2019
PstTobi:
I just pray this man won't go broke.
Thanksfor your prayers Pastor Tobi!!

timileyine:
Ftc
Wake up!

8 Likes 4 Shares

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