By Modupe Gbadeyanka
Chairman of leading oil and gas firm in the country, Mr Femi Otedola, has agreed to offload his 75 percent stake in the company.
In a statement signed by the General Counsel to Forte Oil, Mr Akinleye Olagbende, it was disclosed that Mr Otedola reached the decision to sell off his holdings in the firm he established so as to “explore and maximise business opportunities in refining and petrochemicals.”
Though the statement did not reveal the amount involved in the deal, it noted that 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.
However, Forte Oil Plc has already notified the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC).
Also, shareholders and the investing community have been informed of the development through the press statement released by the company.
Mr Otedola is the majority shareholder of Forte Oil Plc, a company trading its shares on the floor of the local stock exchange.
The statement released on Monday by Forte Oil stated that Mr Otedola reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest his shares in the company’s downstream business.
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.
