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.

Why did otedola sell Forte Oil?

On 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 the CEO of Forte Oil?

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

What is the new name of Forte Oil?

Forte Oil on Tuesday announced that it has changed its name to Ardova Plc. This was made public through a disclosure on the Nigerian Stock Exchange signed by the company' secretary, Oladehinde Nelson-cole.

REVEALED!!! WHY BILLIONAIRE FEMI OTEDOLA DUMPED OIL BUSINESS AND SOLD FORTE OIL.

How much was Forte Oil sold for?

The financial details of the transaction were not disclosed, but a highly placed Investment Banker told this reporter that Otedola sold the shares at a “very significant premium” to its current value. A banker who worked on the deal says Otedola sold the shares for $250 million.

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.

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 ...

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.

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.

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.

Is tems otedola's daughter?

Sensational Nigerian singer, Mr Eazi has opened up about how he met his girlfriend, Temi Otedola, who is the daughter of billionaire oil magnate, Femi Otedola. The entertainer during a recent interview said he met Temi when her sister, DJ Cuppy, who is his friend invited him for one of her numerous events in London,…

Who is the owner of AP Oil and Gas?

Forte Oil Plc now Ardova Plc

In December 2010, African Petroleum (AP) changed to Forte Oil following divestment by NNPC's Pension Fund, making Femi Otedola the company's core investor.

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.