Mr Femi Otedola has sold his 75 per cent majority stake in the oil marketing company, Forte Oil, divesting a total of his 970.17 million shares of Forte Oil, which is worth N64.38 billion on the floors of the Nigerian Stock Exchange in an off-market trade.
Otedola announced his exit from Forte Oil Plc earlier this week, in a deal, which according to TRW Stockbrokers Ltd., was negotiated between Stanbic IBTC Stockbrokers as buyer, while APT Securities and Funds Ltd., WSTC Securities and Quantum Zenith Securities were sellers.
He confirmed his exit from Forte Oil, in a message posted on his verified Instagram page, where disclosed that he had divested from the business and would now concentrate on his power generation business.
Otedola sold his 75 per cent majority stake in the oil marketing company to Prudent Energy, a local oil trading firm.
However, Forte Oil is yet to officially file a regulatory notice on the final disengagement of its former chairman and majority shareholder from the company to the exchange.
