"A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders.
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 
...F.Ote
"
I hope everything is fine
ReplyDeletePower,the very core problem we have in Nigeria. I pray this move will bring something positive
DeleteShifting focus from one business to another doesn't mean he is undergoing any financial issues.
DeleteThe truth is the petroleum marketing business is not as gainful as it used to be due to the fact that renewable energy is taking over the crude oil market thereby making less countries depend on petroleum products.
LEP😛
@ LEP, but will Nigeria listen and respond to the changing times? No.
DeleteSoon, the only countries that will need our oil will be those that are not wealthy enough to pay good money for it.
This guys and his kids now live on Instagram.
ReplyDeleteAnd so? Is Instagram not a market place. Please allow them.
DeleteOh Nota bad idea Anonymous 17.22
DeleteIf you had mergers and acquisitions and new business ideas to dish out to others you probably would Be "LIVING ON INSTAGRAM" too!
GO WORK YOUR ASS OFF
I am not in IG, but I am not going to get angry or annoyed because other ppl are using the service.
DeleteBusiness man to the core 👍👍
ReplyDeleteIf you live in the developed world you will know that the world is moving from oil to bio fuel and renewable energy, he has made a very smart move
ReplyDeleteSO true. THe USA no longer buys oil from Nigeria too.
DeleteWell, he is a businessman to the core. I am sure he is well settled.
ReplyDeleteGood luck to him on his new business
ReplyDeleteFinal final Otedola money no go pass 10 years. No business acumen. Na money im Papa loot as governor of Lagos State he use dey passmaga. Instead of reinventing himself, he dey Instagram dey drag updates with her daughters like a small pikin. 10 years I give am.
ReplyDeleteHe’s worth 100 Billion Naira! That money cannot be exhausted..
DeleteHe’s probably worth more as that figure was before this divestment.
DeleteAlright
ReplyDeletehe is waiting for ministerial appointment or another position.
ReplyDeleteLol he cannot go into politics. His ass will be opened.
DeleteBobo is leaving a sinking ship to dominate the power sector. Instead of up Nepa, you will soon be saying up Geregu. #keepstrippingnigeriasassets
ReplyDeleteIt's just business, he is wise enough to jump ship because the demand for petroleum has reduced over the years and its still reducing now that the focus has moved to renewable energy which many developed countries have channeled their interest to.
ReplyDeleteIdeas rule the world. May God give us money making ideas.
ReplyDelete