Nigerian oil tycoon, Femi Otedola, on Wednesday, announced his divestment and sale of his 75 per cent stake in Forte Oil, a publicly quoted oil marketing company, to Prudent Energy, a local oil trading firm.

Does Otedola still own Forte Oil?

In 2019, Femi Otedola sold Forte Oil Plc and announced plans to change focus from oil to power with his company, Geregu Power Plc.

How much does Otedola sell Forte Oil for?

A banker who worked on the deal says Otedola sold the shares for $250 million. Forte Oil's current market cap stands at $125 million as at the close of business on Wednesday.

Who currently owns Forte Oil?

In 2018, billionaire oil magnate and chairman of Forte Oil Plc, Femi Otedola announced the sale of his 75 per cent direct and indirect shareholdings in the oil company.

When did Otedola sell Forte Oil?

Forte Oil had on December 24, 2018, hinted at the divestment by its majority shareholder, with Otedola saying he had 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 ...

Breaking!!!! Otedola Quits oil business, Sells Forte Oil.

Why was Forte Oil sold?

Reasons for the Divestment: Forte Oil has said that Otedola's decision is premised on his desire to invest the proceeds in harnessing and maximising business opportunities in refining and petrochemicals.

Who is DJ copied?

Florence Ifeoluwa Otedola (born November 11, 1992), professionally known as DJ Cuppy, or simply Cuppy, is a Nigerian disc jockey and producer. She is the daughter of Nigerian businessman Femi Otedola. She grew up in Lagos and moved to London at the age of 13.

Who is wasiu Sowami?

Sowami is a graduate of Sociology from the University of Maiduguri, Borno State, and holds a Master's in Corporate Governance from Leeds Beckett University, United Kingdom (UK).

Is fewa otedola sick?

In 2017, about three years ago, Femi's First child, Temi Otedola revealed via her blog post that Fewa has a disorder; Autism. In her words, Temi wrote: “Essentially, autism is a social development disorder which affects the cognitive, communicative and interactive ability of the brain.

When was Forte Oil sold?

Otedola, one of Nigeria's richest men, acquired a controlling stake in African Petroleum, a struggling petroleum marketer in 2008 and transformed it into Forte Oil. At its peak in 2015, Forte Oil had a market capitalisation of more than $1.4 billion.

Who is the CEO of Forte Oil?

A step towards new frontiers – Olumide Adeosun appointed CEO at Forte Oil Plc.

Who acquired African Petroleum?

LAGOS, May 4 (Reuters) - Nigeria's privately-held oil firm Zenon has acquired a 28.7 percent equity stake in rival African Petroleum (AP) Plc APET. LG for 17 billion naira ($133.28 million), a Zenon official said on Friday. The shares were sold by state-run Nigerian National Petroleum Corp.

Where is Femi Otedola?

Femi Otedola House

In Nigeria, he lives in a mansion in Banana Island, Ikoyi. He also has many houses in Lagos, Abuja, Port-Harcourt, Enugu, Oyo, and some other states in Nigeria.

Who is the owner of prudent energy?

Chairman, Ardova Plc

Founder of Prudent Energy & Services Ltd., AbdulWasiu O. Sowami currently occupies the position of Chairman of Ardova Plc and Chief Executive Officer at Prudent Energy & Services Ltd., Chairman of Ignite Investments & Commodities Ltd.

Who owns prudent energy?

Prudent Energy is owned by Abdulwasiu Sowami. According to a statement of notice published on the website of the Nigerian Stock Exchange (NSE), Forte Oil revealed that Ignite, the investment arm of Prudent Energy was planning to take-over 500,000 ordinary shares which represent a 0.04% equity stake.

Who is man like Chico?

Man Like Chico is the Director of De Chico Group, a conglomerate that manufactures and distributes roofing, insulation, sheathing, and related materials. He is also the CEO of Royal Diamond Investment.

Who is the richest Yahoo boy in Nigeria?

FBI and Interpol recently arrested Hushpuppi and his gang over an alleged fraud case in Dubai. Hushpuppi is currently rated the richest and the most influential Yahoo boy in Nigeria With an estimated net worth of over $80 million dollar.