Akin Akinfemiwa: Otedola Reveals Man Who Saved Him From Committing Suicide When His Business Collapsed

It was the 50th birthday celebration of the CEO of Geregu Power Company, Akin Akinfemiwa in London last Tuesday, where the the billionaire and business magnate, founder and Chairman, Femi Otedola revealed the remarkable role played by the celebrant in saving his business.  In his speech, Otedola disclosed that Akinfemiwa played a pivotal role in revitalizing his business following a significant slump. He said..

Billionaire's Mindset: Otedola Sells Forte Oil, To Build Refinery Like Dangote

Mr Femi Otedola @femiotedola is selling off Forte Oil Plc, to move up to the next level in Oil business, refining. His close ally, Aliko Dangote @aliko_dangotegcon is already the main player in that sector with his refinery in Lekki, Lagos almost completed.

The Chairman of Forte Oil Plc, Mr Femi Otedola, has announced his decision to sell all his shares in the firm’s downstream business.

This is coming more than three years after the firm sold 17 per cent of its equity to a Swiss oil trading firm.

Forte Oil disclosed on Monday the divestment by its majority shareholder in a notice signed by its General Counsel, Mr Akinleye Olagbende.

The notice read in part, “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, has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 per cent 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 of 2019 subject to the satisfaction of various conditions and receipt of applicable regulatory approvals.” According to the firm, Standard Chartered Bank, Corporate Finance & Advisory, Dubai, and Olaniwun Ajayi LP served as financial and legal advisers respectively to Otedola, 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

Forte Oil emerged the sixth biggest gainer at the end of trading on the NSE on Monday as its share price rose by 9.84 per cent to close at N31.25.

In October 2015, the firm announced that the Mercuria Energy Group Holdings SA has acquired 17 per cent of its equity, valued at $200m.