Nigerian energy tycoon Femi Otedola has concluded the sale of his 75% stake in Forte Oil, a publicly listed oil marketing company, to Prudent Energy, a local oil trading firm.
Last December, Forte Oil announced that its controlling shareholder, Otedola, was selling off his interest in the company. A disclosure notice sent to the Nigerian Stock Exchange (NSE) had said that Otedola reached an agreement with another energy firm, Prudent Energy.
Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximize business opportunities in refining and petrochemicals,” the disclosure sent to the Nigerian bourse said.