Nigerian
oil magnate, Femi Otedola thas transmitted a letter to the Nigerian
Stock Exchange informing them of his decision to sell his 75% direct and
indirect shareholdings in Forte Oil. In the letter signed by Akinleye
Olagbende, the general counsel of Forte Oil, Otedola said he was
divesting from the company in order to “explore and maximise business
opportunities in refining and petrochemicals”. “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,” the statement
said.Otedola has been the majority shareholder in the company since
2007, when the Incorporated Trustees of NNPC’s Pension Fund divested its
stake to the Otedola-owned Zenon Petroleum & Gas Limited. The
sale of his shareholdings is expected to be completed in the first
quarter of 2019 “subject to the satisfaction of various conditions and
receipt of applicable regulatory approvals”. The press release
clarified that an offer, solicitation or sale of ordinary shares or any
other securities is not permitted.
