Nigerian billionaire, Otedola to Exit Forte Oil next year

Femi Otedola, one of Africa's leading billionaires has agreed to sell off his entire holding of 75 per cent direct and indirect in Forte Oil, Nigeria's leading gasoline marketer.
In a letter sent to the Nigerian Stock Exchange (NSE) signed by Akinleye Olagbende, the general counsel of Forte Oil, Otedola divestment from the oil marketing company will take effect from the end of first quarter of 2019 said barring any regulatory and shareholders' objections to the deal.

Prudent Energy, operating under the Ignite Investments and Commodities Limited would effectively take over Otedola's shares in the company, the statement said.

According to Olagbende, the billionaire 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, Femi Otedola, has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 percent direct and indirect shareholding in the Company’s downstream business,” the statement said.
The billionaire 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.