Forte Oil chairman eyes power subsidiary

LAGOS, January 18, 2019 – Nigerian energy firm Forte Oil is seeking the approval of its shareholders to sell its power unit to the group chairman, local and international media reported Thursday.

In May 2018, shareholders had approved the divestment of Forte Oil from Amperion Power Distribution, Forte Upstream Services and AP Oil & Gas Ghana in order to focus on its fuel distribution business, Reuters reported.

Following low interest in the public tender sale process, group chairman Femi Otedola expressed interest in purchasing divested assets, the company said in a statement.

The company will hold an extraordinary meeting February 7 to vote on the issue, and Otedola will not participate in the vote, in line with Nigerian Stock Exchange rules.

Otedola plans to sell his 75% direct and indirect holdings in Forte Oil’s downstream arm, News Agency of Nigeria reported.

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