Stella Dimoko Billionaire Femi Otedola To Part Ways With Forte Oil


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Tuesday, December 25, 2018

Billionaire Femi Otedola To Part Ways With Forte Oil

Nigerian billionaire businessman, Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings in Forte Oil.

This was revealed by the Nigerian Stock Exchange in a statement on its website on Monday.

The statement entitled ‘notification of divestment by the majority shareholder in the downstream business operations,’ 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.

“Mr. Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximise business opportunities in refining and petrochemicals.

“The transaction is expected to close in the First Quarter (Q l ) of 2019 subject to the satisfaction of various conditions and receipt of applicable regulatory approvals.

“Standard Chartered Bank, Corporate Finance & Advisory, Dubai and Olaniwun Ajayi LP served as Financial and Legal advisors respectively to Mr. Femi Otedola, CON, while PricewaterhouseCoopers and Stanbic IBTC Capital Limited served as Joint Financial Advisors and Sefton Fross served as legal advisor to Ignite Investments and Commodities Limited.

“This press release does not constitute an offer to sell or a 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 other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.”
From Daily Post


  1. Either EFCC is on his trail
    Or He has issue wit his Bank/ cannot service his Loans
    Or ICPC

    1. Let me tell you the little I know about it. I hope Stella doesn’t swallow this comment.
      The man is going bankrupt and has little or nothing to do right now. Same reason he’s never in naija but always in london or galavanting around alhaji dangote. Rumour has it that he is also on the watch list of the gov or efcc. Maybe na susbsidy matter too, I know know that one.

  2. Making money move and making money moves.

  3. Buhari don fall big men hand . We would see more of these I'd Buhari wins come 2019 .


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