FEMI OTEDOLA DROPS FORTE OIL AS HE SELLS HIS 75% SHARES OF THE COMPANY

Mr. Femi Otedola, the chairman of Forte oil plc has just decided to pull out of Forte oil and sell his 75% shares 

Well known Nigerian billionaire and business mogul Mr. Femi Otedola who has been the majority shareholder in Forte oil since 2007 has just recently put his 75% shares of the company up for sale.
In a letter signed by the general counsel of Forte oil, Mr. Akinleye Olagbende revealed that Mr. Femi Otedola is divesting from the company in order to “explore and maximize business opportunities in refining and petrochemicals.”
The complete sales of his shares are expected to be finalized in the first quarter of next year (2019).

The statement reads 
 “Forte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities and Exchange Commission, Shareholders and the investing community that its Majority Shareholder, Mr. Femi Otedola, CON has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75% direct and indirect shareholding in the Company’s downstream business.”

Below is a copy of the letter