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Breaking: Femi Otedola Leaves Forte Oil As Chairman - Business - Nairaland

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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)

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Breaking: Femi Otedola Leaves Forte Oil As Chairman by Samludas07(m): 4:14pm On Jun 19, 2019
...Now Chairman of Geregu Power Plc

Months after news first emerged that billionaire Femi Otedola was divesting his 75percent direct and indirect shareholding in Forte Oil’s downstream business with the transaction expected to close in the first quarter of 2019 subject to the satisfaction of various conditions and receipt of applicable regulatory approval, The Capital can reveal authoritatively that the deal has now been finalized.

Otedola has effectively ceased to be involved with the company. The new owner is Abdulwasiu Sowami, the businessman behind Prudent Energy and Services Ltd. Sowami, who lives in Ogba, Lagos, was virtually unknown in Nigeria until his name propped up as the new proprietor of Forte Oil.

Indeed, it is the end of an era for Otedola and Forte Oil, the company that has become synonymous with his mammoth wealth. Originally founded in 1964 as British Petroleum before becoming known as African Petroleum, Otedola was appointed its chairman and chief executive in 2007 after the acquisition of a controlling stake in the business by his petroleum products marketing and distribution company, Zenon Petroleum.

In 2010, the company rebranded to Forte Oil with a focus on technology and improved corporate governance. Over the years, Forte Oil established presence in the 36 states of Nigeria and Abuja, operating a network of 500 retail outlets spread across the country and in Ghana, with major fuel storage installations at both Apapa (Lagos State) and Onne (Rivers State), an aviation joint users hydrant in Lagos, and joint aviation depots in Abuja, Port Harcourt and Kano, serving the aviation industry.


The company markets premium motor spirit (PMS), automotive motor oil (Diesel), dual purpose kero (DPK), fuel oils and Jet A-1 fuel amongst others. It also manufactures and distributes a range of lubricants, some of which include Super V, Visco 2000 etc. at its lubricating oil blending plant at Apapa, Lagos. It also provides well production chemicals and drilling fluids to Nigeria’s petroleum upstream operators through its upstream services subsidiary, Forte Upstream Services.

With Forte Oil, the successful businessman achieved a different level of prosperity so much that by 2015, he was listed as the 16th richest man in Africa by Forbes. But the adventurous billionaire seems bored with the oil business as he has now set his sight on conquering the power sector. In 2013, Forte Oil purchased a controlling stake in the 414 MW Geregu Power Plant under a government-led privatisation programme in the power industry. A major overhaul of the plant commenced in 2015 and was completed in 2016, increasing the combined capacity to 435MW.

Otedola is now set to take his Mojo and Midas Touch to the power sector and if the cosmos align with his plans, become king as he did in the oil and gas industry.

http://ludassocial.com/2019/06/breaking-femi-otedola-leaves-forte-oil-as-chairman/

15 Likes

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by wallex1983(m): 4:20pm On Jun 19, 2019
I think Femi is already seeing what many of us are not seeing.

It's only greedy entrepreneurs that holds on to a business when the parameters show they should step aside.

Remember Dangote also sold Dangote flours to Olam

105 Likes 6 Shares

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by ABBkelvin(m): 4:22pm On Jun 19, 2019
It happens

1 Like

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Samludas07(m): 4:23pm On Jun 19, 2019
While you're at it, we have more entertainment news on our site. Kindly visit Ludassocial.com for more news
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by iammo1(m): 4:35pm On Jun 19, 2019
shocked



Power sector and Refiney seems to be the new Gold mine now, with this oil and gas tycoon divesting into Power and Energy, Nigerians would pay through their noses for the electricity supplied.

12 Likes 2 Shares

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Juliusmalema: 4:38pm On Jun 19, 2019
iammo1:
shocked



Power sector and Refiney seems to be the new Gold mine now, with this oil and gas tycoon divesting into Power and Energy, Nigerians would pay through their noses for the electricity supplied.

Story...

2 Likes 1 Share

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by helinues: 4:41pm On Jun 19, 2019
How credible is this news?
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by iammo1(m): 4:42pm On Jun 19, 2019
Juliusmalema:


Story...

angry


it will shock you and do you like film trick, when you start using half of your salary to pay Electricity bill so that Dj cuppy can change her rolls royce

28 Likes 4 Shares

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by BakireBulmaker: 4:43pm On Jun 19, 2019
From one Yoruba to another... cool

Odi ok... wink
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Johnnyessence(m): 4:47pm On Jun 19, 2019
funny enough Mike adenuga of glo never run away from business. he invest on basic 3 things Nigerians are using, which are ICT, oil and banking. and still adenuga is the second richest in Africa. soon in some years to come adenuga will take over from dangote. adenuga understand the business in Nigeria. hardly will you see him doing politics with his business. one need to learn fast from him. if people don't know, his son too have his company on his own running it by himself. till 50 years to come, people will still be using ICT to grow their economy and adenuga is number investor in that sector.

51 Likes 4 Shares

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Johnnyessence(m): 4:49pm On Jun 19, 2019
helinues:
How credible is this news?
very credible . check the link here to confirm.
https://www.independent.ng/breaking-otedola-confirms-sale-of-forte-oil/?utm_source=&utm_medium=facebook
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Johnnyessence(m): 4:53pm On Jun 19, 2019
iammo1:
shocked



Power sector and Refiney seems to be the new Gold mine now, with this oil and gas tycoon divesting into Power and Energy, Nigerians would pay through their noses for the electricity supplied.
they will be tired of that soon cos' alot of foreign investors are already on that now. ICT is the gold mine I'm seeing. in 30 years to come, ICT will still exist. femi otedola quit cos' he has seen the future already, if you don't mind, alot of people are investing heavily on oil now, even fg is investing more than private investors. even politicians are into oil business, so the sector is over crowded already. in 10 years to this time, ICT will be the huge gold mine in business sector.

17 Likes 1 Share

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Juliusmalema: 5:04pm On Jun 19, 2019
iammo1:


angry


it will shock you and do you like film trick, when you start using half of your salary to pay Electricity bill so that Dj cuppy can change her rolls royce

Another.
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Bodexman(m): 5:09pm On Jun 19, 2019
Samludas07:
...Now Chairman of Geregu Power Plc

Months after news first emerged that billionaire Femi Otedola was divesting his 75percent direct and indirect shareholding in Forte Oil’s downstream business with the transaction expected to close in the first quarter of 2019 subject to the satisfaction of various conditions and receipt of applicable regulatory approval, The Capital can reveal authoritatively that the deal has now been finalized.

Otedola has effectively ceased to be involved with the company. The new owner is Abdulwasiu Sowami, the businessman behind Prudent Energy and Services Ltd. Sowami, who lives in Ogba, Lagos, was virtually unknown in Nigeria until his name propped up as the new proprietor of Forte Oil.

Indeed, it is the end of an era for Otedola and Forte Oil, the company that has become synonymous with his mammoth wealth. Originally founded in 1964 as British Petroleum before becoming known as African Petroleum, Otedola was appointed its chairman and chief executive in 2007 after the acquisition of a controlling stake in the business by his petroleum products marketing and distribution company, Zenon Petroleum.

In 2010, the company rebranded to Forte Oil with a focus on technology and improved corporate governance. Over the years, Forte Oil established presence in the 36 states of Nigeria and Abuja, operating a network of 500 retail outlets spread across the country and in Ghana, with major fuel storage installations at both Apapa (Lagos State) and Onne (Rivers State), an aviation joint users hydrant in Lagos, and joint aviation depots in Abuja, Port Harcourt and Kano, serving the aviation industry.


The company markets premium motor spirit (PMS), automotive motor oil (Diesel), dual purpose kero (DPK), fuel oils and Jet A-1 fuel amongst others. It also manufactures and distributes a range of lubricants, some of which include Super V, Visco 2000 etc. at its lubricating oil blending plant at Apapa, Lagos. It also provides well production chemicals and drilling fluids to Nigeria’s petroleum upstream operators through its upstream services subsidiary, Forte Upstream Services.

With Forte Oil, the successful businessman achieved a different level of prosperity so much that by 2015, he was listed as the 16th richest man in Africa by Forbes. But the adventurous billionaire seems bored with the oil business as he has now set his sight on conquering the power sector. In 2013, Forte Oil purchased a controlling stake in the 414 MW Geregu Power Plant under a government-led privatisation programme in the power industry. A major overhaul of the plant commenced in 2015 and was completed in 2016, increasing the combined capacity to 435MW.

Otedola is now set to take his Mojo and Midas Touch to the power sector and if the cosmos align with his plans, become king as he did in the oil and gas industry.

http://ludassocial.com/2019/06/breaking-femi-otedola-leaves-forte-oil-as-chairman/

I'm the next in line for great things.

6 Likes 2 Shares

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by MANNABBQGRILLS: 5:11pm On Jun 19, 2019
Again,
The whole world step aside for the man who knows where he is going!

All the very best for the future and in your next venture sir!

10 Likes 3 Shares

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by materialproject: 5:11pm On Jun 19, 2019
Let them Give me the position
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by abdulyaro66(m): 5:12pm On Jun 19, 2019
Still buying
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by MANNABBQGRILLS: 5:13pm On Jun 19, 2019
materialproject:
Let them Give me the position
Go and have it gentleman!
They are waiting for you o! cheesy

10 Likes 3 Shares

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by oluwasegun007(m): 5:13pm On Jun 19, 2019
I told them not to announce yet... I actually bought 55% of the shares.. grin cheesy cheesy

2 Likes

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Ijaycool(f): 5:13pm On Jun 19, 2019
Kiaaa

Yorubas and Hausas will make up the list of 20 richest people in Nigeria, no Igbo will smell it.

Guess why?

...

The gap between the rich and poor in Igboland is almost nonexistent. In some other tribes there are very few super rich peeps, then the rest are poor, baggers, touts and slaves.

Meanwhile amongst the Igbos, everyone is averagely rich, they all strive for the top, no one wants to depend on the other.

Hence the Igbos might collectively be the richest tribe, but individually, they won't smell top 20.

Man City scored the highest number of goals in the premier League, but top 3 highest goal scorers, no single Man City player.

To me that's how a reasonable economy work. Instead of one Alhaji owing a massive estate with 700 buildings, in Ontisha you will see 700 4-storey buildings own by 700 different people.

The goal should be lifting of your brother, not enslaving them.

86 Likes 4 Shares

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Offpoint1: 5:13pm On Jun 19, 2019
Amen
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by PhilipGallagher(m): 5:14pm On Jun 19, 2019
iammo1:
shocked



Power sector and Refiney seems to be the new Gold mine now, with this oil and gas tycoon divesting into Power and Energy, Nigerians would pay through their noses for the electricity supplied.

Oil and Gas, is Power and Energy.
But I get your point sha.
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by materialproject: 5:14pm On Jun 19, 2019
MANNABBQGRILLS:

Go and have it gentleman! cheesy

Ok
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by MANNABBQGRILLS: 5:15pm On Jun 19, 2019

2 Likes 1 Share

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Stillthebest: 5:15pm On Jun 19, 2019
He sure has a bigger plan. I sure will become as powerful as these people.

1 Like

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Nobody: 5:17pm On Jun 19, 2019
He ran because of the loans he had raked up
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by majamajic(m): 5:17pm On Jun 19, 2019
I like this man die. Femi

the only reason I can only buy from Forte Oil,
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Alejobs: 5:17pm On Jun 19, 2019
Just before you do the do.... Think twice!
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Odingo1: 5:17pm On Jun 19, 2019
Ijaycool:
Kiaaa

Yorubas and Hausas will make up the list of 20 richest people in Nigeria, no Igbo will smell it.

Guess why?

...

The gap between the rich and poor in Igboland is almost nonexistent. In some other tribes there are very few super rich peeps, then the rest are poor.
..
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by bestman09(m): 5:18pm On Jun 19, 2019
T
Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by Hotfreezers: 5:19pm On Jun 19, 2019
Odingo1:

Funny thing is that people like this one are poor, they celebrate mediocrity.

Not everyone suffers from what is plaguing you.
Poverty and deprivation has so affected you that you think everyone is plagued with what is worrying you.

6 Likes 1 Share

Re: Breaking: Femi Otedola Leaves Forte Oil As Chairman by SuperBlack: 5:19pm On Jun 19, 2019
He's still a Billionaire though

In Football, They Call it New Challenge

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