Samludas07:
...Now Chairman of Geregu Power Plc

Months after news first emerged that billionaire Femi Otedola was divesting his 75percent direct and indirect shareholding in Forte Oil’s downstream business with the transaction expected to close in the first quarter of 2019 subject to the satisfaction of various conditions and receipt of applicable regulatory approval, The Capital can reveal authoritatively that the deal has now been finalized.

Otedola has effectively ceased to be involved with the company. The new owner is Abdulwasiu Sowami, the businessman behind Prudent Energy and Services Ltd. Sowami, who lives in Ogba, Lagos, was virtually unknown in Nigeria until his name propped up as the new proprietor of Forte Oil.

Indeed, it is the end of an era for Otedola and Forte Oil, the company that has become synonymous with his mammoth wealth. Originally founded in 1964 as British Petroleum before becoming known as African Petroleum, Otedola was appointed its chairman and chief executive in 2007 after the acquisition of a controlling stake in the business by his petroleum products marketing and distribution company, Zenon Petroleum.

In 2010, the company rebranded to Forte Oil with a focus on technology and improved corporate governance. Over the years, Forte Oil established presence in the 36 states of Nigeria and Abuja, operating a network of 500 retail outlets spread across the country and in Ghana, with major fuel storage installations at both Apapa (Lagos State) and Onne (Rivers State), an aviation joint users hydrant in Lagos, and joint aviation depots in Abuja, Port Harcourt and Kano, serving the aviation industry.


The company markets premium motor spirit (PMS), automotive motor oil (Diesel), dual purpose kero (DPK), fuel oils and Jet A-1 fuel amongst others. It also manufactures and distributes a range of lubricants, some of which include Super V, Visco 2000 etc. at its lubricating oil blending plant at Apapa, Lagos. It also provides well production chemicals and drilling fluids to Nigeria’s petroleum upstream operators through its upstream services subsidiary, Forte Upstream Services.

With Forte Oil, the successful businessman achieved a different level of prosperity so much that by 2015, he was listed as the 16th richest man in Africa by Forbes. But the adventurous billionaire seems bored with the oil business as he has now set his sight on conquering the power sector. In 2013, Forte Oil purchased a controlling stake in the 414 MW Geregu Power Plant under a government-led privatisation programme in the power industry. A major overhaul of the plant commenced in 2015 and was completed in 2016, increasing the combined capacity to 435MW.

Otedola is now set to take his Mojo and Midas Touch to the power sector and if the cosmos align with his plans, become king as he did in the oil and gas industry.

http://ludassocial.com/2019/06/breaking-femi-otedola-leaves-forte-oil-as-chairman/

wallex1983:
I think Femi is already seeing what many of us are not seeing.

It's only greedy entrepreneurs that holds on to a business when the parameters show they should step aside.

Remember Dangote also sold Dangote flours to Olam

shaklisco:
ur opinion thou,u reason like a fish

BeautifulMind2:

You are ignorant, there are super rich Igbo guys, Otedola is far below Arthur Eze, ABC Orjiako, Tony Enumelu, Benedict Peters, Emeka Offor, Obijackson and Austin Avuru

Ijaycool:
Kiaaa

Yorubas and Hausas will make up the list of 20 richest people in Nigeria, no Igbo will smell it.

Guess why?

...

The gap between the rich and poor in Igboland is almost nonexistent. In some other tribes there are very few super rich peeps, then the rest are poor, baggers, touts and slaves.

Meanwhile amongst the Igbos, everyone is averagely rich, they all strive for the top, no one wants to depend on the other.

Hence the Igbos might collectively be the richest tribe, but individually, they won't smell top 20.

Man City scored the highest number of goals in the premier League, but top 3 highest goal scorers, no single Man City player.

To me that's how a reasonable economy work. Instead of one Alhaji owing a massive estate with 700 buildings, in Ontisha you will see 700 4-storey buildings own by 700 different people.

The goal should be lifting of your brother, not enslaving them.

Ijaycool:
Kiaaa

Yorubas and Hausas will make up the list of 20 richest people in Nigeria, no Igbo will smell it.

Guess why?

...

The gap between the rich and poor in Igboland is almost nonexistent. In some other tribes there are very few super rich peeps, then the rest are poor, baggers, touts and slaves.

Meanwhile amongst the Igbos, everyone is averagely rich, they all strive for the top, no one wants to depend on the other.

Hence the Igbos might collectively be the richest tribe, but individually, they won't smell top 20.

Man City scored the highest number of goals in the premier League, but top 3 highest goal scorers, no single Man City player.

To me that's how a reasonable economy work. Instead of one Alhaji owing a massive estate with 700 buildings, in Ontisha you will see 700 4-storey buildings own by 700 different people.

The goal should be lifting of your brother, not enslaving them.

Ijaycool:
Kiaaa

Yorubas and Hausas will make up the list of 20 richest people in Nigeria, no Igbo will smell it.

Guess why?

...

The gap between the rich and poor in Igboland is almost nonexistent. In some other tribes there are very few super rich peeps, then the rest are poor, baggers, touts and slaves.

Meanwhile amongst the Igbos, everyone is averagely rich, they all strive for the top, no one wants to depend on the other.

Hence the Igbos might collectively be the richest tribe, but individually, they won't smell top 20.

Man City scored the highest number of goals in the premier League, but top 3 highest goal scorers, no single Man City player.

To me that's how a reasonable economy work. Instead of one Alhaji owing a massive estate with 700 buildings, in Ontisha you will see 700 4-storey buildings own by 700 different people.

The goal should be lifting of your brother, not enslaving them.

wallex1983:
I think Femi is already seeing what many of us are not seeing.

It's only greedy entrepreneurs that holds on to a business when the parameters show they should step aside.

Remember Dangote also sold Dangote flours to Olam

Ijaycool:
Kiaaa

Yorubas and Hausas will make up the list of 20 richest people in Nigeria, no Igbo will smell it.

Guess why?

...

The gap between the rich and poor in Igboland is almost nonexistent. In some other tribes there are very few super rich peeps, then the rest are poor, baggers, touts and slaves.

Meanwhile amongst the Igbos, everyone is averagely rich, they all strive for the top, no one wants to depend on the other.

Hence the Igbos might collectively be the richest tribe, but individually, they won't smell top 20.

Man City scored the highest number of goals in the premier League, but top 3 highest goal scorers, no single Man City player.

To me that's how a reasonable economy work. Instead of one Alhaji owing a massive estate with 700 buildings, in Ontisha you will see 700 4-storey buildings own by 700 different people.

The goal should be lifting of your brother, not enslaving them.

helinues:
How credible is this news?

GidiWoodsMan:


This is very true. The rich Yoruba man keeps giving his poorer relatives handouts, feeding money, so they can continue worshipping him like some type of supernatural being. He keeps his business very secret. The Hausa man will not even hand out money, but food. Morning, afternoon, night, he expects his wretched relatives by his door with empty plates so he can feed them while they remain useless. God forbid they aspire to an education! God has decreed them to be poor.

The Ibo man will apprentice his brother/relative for a number of years, showing them the in & out of the business because he wants them to be as successful as himself or even greater, God willing. After some years he sets them up in the same business often within walking distance of his own shop, because he never sees them as competition or as a threat.

Ijaycool:


...the bolded is how you love to see human, u love us to be like headless chicken, so you can spill the blood of 'baboons'...my dear we are doing business and prospering, we are not looking for skulls

Ijaycool:
Kiaaa

Yorubas and Hausas will make up the list of 20 richest people in Nigeria, no Igbo will smell it.

Guess why?

...

The gap between the rich and poor in Igboland is almost nonexistent. In some other tribes there are very few super rich peeps, then the rest are poor, baggers, touts and slaves.

Meanwhile amongst the Igbos, everyone is averagely rich, they all strive for the top, no one wants to depend on the other.

Hence the Igbos might collectively be the richest tribe, but individually, they won't smell top 20.

Man City scored the highest number of goals in the premier League, but top 3 highest goal scorers, no single Man City player.

To me that's how a reasonable economy work. Instead of one Alhaji owing a massive estate with 700 buildings, in Ontisha you will see 700 4-storey buildings own by 700 different people.

The goal should be lifting of your brother, not enslaving them.

GidiWoodsMan:


This is very true. The rich Yoruba man keeps giving his poorer relatives handouts, feeding money, so they can continue worshipping him like some type of supernatural being. He keeps his business very secret. The Hausa man will not even hand out money, but food. Morning, afternoon, night, he expects his wretched relatives by his door with empty plates so he can feed them while they remain useless. God forbid they aspire to an education! God has decreed them to be poor.

The Ibo man will apprentice his brother/relative for a number of years, showing them the in & out of the business because he wants them to be as successful as himself or even greater, God willing. After some years he sets them up in the same business often within walking distance of his own shop, because he never sees them as competition or as a threat.

OlawaleSmarter0:



You guys are suffering from Delusions

Poverty is ravaging the South East but you keep making silly chest beating

Who are in the IDPs Camp all over South East and who are the beggars in Anambra?

Why are Ebonyi people always trooping out of their state to hawk in other states?

Why does Imo people sell their babies and engage in Baby factory?

Keep deceiving yourselves guys

Johnnyessence:
As if baby factories are not in sw, as if poverty isn't enormous in Sw, as if poverty isn't in the land. the guy you quote hit the nail on the head by saying the truths.

Johnnyessence:
funny enough Mike adenuga of glo never run away from business. he invest on basic 3 things Nigerians are using, which are ICT, oil and banking. and still adenuga is the second richest in Africa. soon in some years to come adenuga will take over from dangote. adenuga understand the business in Nigeria. hardly will you see him doing politics with his business. one need to learn fast from him. if people don't know, his son too have his company on his own running it by himself. till 50 years to come, people will still be using ICT to grow their economy and adenuga is number investor in that sector.

Samludas07:
...Now Chairman of Geregu Power Plc

Months after news first emerged that billionaire Femi Otedola was divesting his 75percent direct and indirect shareholding in Forte Oil’s downstream business with the transaction expected to close in the first quar/

Ijaycool:
Kiaaa

Yorubas and Hausas will make up the list of 20 richest people in Nigeria, no Igbo will smell it.

Guess why?

...

The gap between the rich and poor in Igboland is almost nonexistent. In some other tribes there are very few super rich peeps, then the rest are poor, baggers, touts and slaves.

Meanwhile amongst the Igbos, everyone is averagely rich, they all strive for the top, no one wants to depend on the other.

Hence the Igbos might collectively be the richest tribe, but individually, they won't smell top 20.

Man City scored the highest number of goals in the premier League, but top 3 highest goal scorers, no single Man City player.

To me that's how a reasonable economy work. Instead of one Alhaji owing a massive estate with 700 buildings, in Ontisha you will see 700 4-storey buildings own by 700 different people.

The goal should be lifting of your brother, not enslaving them.

wallex1983:
I think Femi is already seeing what many of us are not seeing.

It's only greedy entrepreneurs that holds on to a business when the parameters show they should step aside.

Remember Dangote also sold Dangote flours to Olam

iammo1:





it will shock you and do you like film trick, when you start using half of your salary to pay Electricity bill so that Dj cuppy can change her rolls royce

GidiWoodsMan:


This is very true. The rich Yoruba man keeps giving his poorer relatives handouts, feeding money, so they can continue worshipping him like some type of supernatural being. He keeps his business very secret. The Hausa man will not even hand out money, but food. Morning, afternoon, night, he expects his wretched relatives by his door with empty plates so he can feed them while they remain useless. God forbid they aspire to an education! God has decreed them to be poor.

The Ibo man will apprentice his brother/relative for a number of years, showing them the in & out of the business because he wants them to be as successful as himself or even greater, God willing. After some years he sets them up in the same business often within walking distance of his own shop, because he never sees them as competition or as a threat.

OlawaleSmarter0:


Yeah he said the truth as if poverty is not in the East

If you check the poverty statistics Igbo is still the poorest in the South, Ebonyi an Igbo state is competing with Northern state in poverty

icon8:
Be informed! Adenuga divested from banking (Equitorial Trust Bank) a few years ago

Rajosh:
with Dangote's refinery coming up, I don't see anyone usurping Dangote anytime soon

OlawaleSmarter0:


Yeah he said the truth as if poverty is not in the East

If you check the poverty statistics Igbo is still the poorest in the South, Ebonyi an Igbo state is competing with Northern state in poverty

serikigoro:


You must be a joking to imagine Arthur Eze the all Any Government In Power (AGIP) contractor will be richer than Femi Otedola. Who is the biggest individual in Nigeria's downstream oil sector.