Femi Otedola has announced his exit from Forte Oil in order to concentrate on his power generation business.
Billionaire businessman, Femi Otedola, on Wednesday announced his exit from his company after selling off 75 percent majority stake in the oil firm.
Otedola, on his Instagram page, said he divested his Forte Oil business to concentrate solely on his power generation business.
“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,” Otedola stated.
Prudent Energy, a local oil trading oil firm, took over Forte Oil after Otedola sold his 75 per cent majority stake in the oil marketing company to the local firm.