Reports indicate that the Nigerian billionaire businessman and also oil magnate Femi Otedola is set to sell his seventy-five percent (75%) both direct and indirect shareholdings in Forte Oil company.
The revelation was brought to the fore by the Nigerian Stock Exchange (NSE) in a statement on its official website on Monday 24th December, 018.
In a statement signed and made available to reporters by Akinleye Olagbende, the General Counsel of the company(Forte Oil) entitled ‘Notification of divestment by the majority shareholder in the downstream business operations' reads,
Part of the statement reads “Forte Oil Plc hereby notifies the Nigerian Stock Exchange (NSE), Securities and Exchange Commission (SEC), 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 sector'.|
Also, the statement further added that, Mr. Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximize business opportunities in refining and petrochemicals.
In the same vein, 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 will serve 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.
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