Otedola relinquishes ownership of Forte Oil
Billionaire businessman Femi Otedola is set to relinquish the ownership of Forte Oil after divesting in the company’s downstream.
Otedola, according to a statement by Forte Oil on Monday, will give up his 75% stake in the company.
The decision of the company’s majority shareholder is said to be based on his quest to “explore and maximise business opportunities in refining and petrochemicals.”
The statement further said Legal advisors for both Otedola and Ignite Investments Commodities Ltd were concluding on finalising the deal in the first quarter of 2019.
Forte Oil, however, said Otedola’s shares are not up for sale.
It said the public statement “does not constitute an offer to sell or solicitation of an offer to buy any of the ordinary shares or any other securities, nor will there be any sale of the ordinary shares or any securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.”
Otedola, 56, is ranked among the richest people in Nigeria.
