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BREAKING: Femi Otedola dumps Forte Oil

By - - [General ]

Nigerian billionaire businessman, Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings in Forte Oil.


This was revealed by the Nigerian Stock Exchange in a statement on its website on Monday.

The statement was signed and made available to reporters by Akinleye Olagbende, the General Counsel of the company.


The statement entitled ‘notification of divestment by the majority shareholder in the downstream business operations,’ reads, “Forte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities and Exchange Commission, 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.

“Mr. Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximise business opportunities in refining and petrochemicals.

“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 served 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.

“This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the ordinary shares or any other securities, nor will there be any sale of the ordinary shares or any other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.”




http://dailypost.ng/2018/12/24/breaking-femi-otedola-dumps-forte-oil/


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24 Comments Nigeria News
Oluwatosin• 3 months ago
Well read
Reply
koljprof• 7 months ago
He is rich already
Reply
ANOINTING• 7 months ago
Coded
Reply
Kolatunmy• 7 months ago
Okay
Reply
Nwoguemmanuel77• 7 months ago
Ok
Reply
Danson92• 7 months ago
ok
Reply
Abdulrazaqmtanko1• 7 months ago
Ok
Reply
Raymond• 7 months ago
Ok
Reply
Olite1996• 7 months ago
hope it works
Reply
Irphilippe• 7 months ago
Okay oo
Reply
AdetolaAkomolafe• 7 months ago
Hope d development is for gud....
Reply
Danson92• 7 months ago
Ok
Reply
Abdulrazaqmtanko1• 7 months ago
Ok
Reply
Abdulrazaqmtanko1• 7 months ago
Ok
Reply
Nwoguemmanuel77• 7 months ago
Ok
Reply
Fatimabello• 7 months ago
Ok
Reply
yetty031009• 7 months ago
Ok
Reply
olakunle031009• 7 months ago
Really
Reply
olakunle031009• 7 months ago
Really
Reply
Oluwatobiloba• 7 months ago
Hmmmmm
Reply
innkayobami• 7 months ago
Are you thinking what I'm thinking?
Reply
ANOINTING• 7 months ago
Coded
Reply
Iamajtofunmi• 7 months ago
Umm
Reply
Abiodun• 7 months ago
Ummm
Reply

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