Femi Otedola formally dissociates from Forte Oil, introduces Geregu Power


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Popular Nigerian oil magnate, Femi Otedola has formally publicized the end of his relationship with Forte Oil.

A few months back, the billionaire businessman had announced his plans to sell his shares with the oil company without revealing why exactly he was making such a move.

Now, Otedola who used to own the largest share with Forte Oil, (75% of total shares) has actioned his plans and gone ahead to start a power generation company named Geregu Power Plc.

Following the start of the new firm, Otedola equally tweaked his Instagram bio by adding the website of Geregu Power.

Femi Otedola formally dissociates from Forte Oil, introduces Geregu Power

Read the post he made via his Instagram handle below.

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.

Also, read: Break up? Forget it! – By Abdulrazaq Magaji




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