Abdulwasiu Sowami Takes Over Forte Oil as Otedola Announces Exit

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SWITZERLAND, JUNE 20 -Prominent oil and gas billionaire, Femi Otedola has announced his exit from downstream giant, Forte Oil to focus on his power generation business, Geregu Power Plc.

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

The business tycoon announced on Wednesday via an Instagram post:

A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders. In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc. We wish our successors the very best and urge them to build on our legacies which have been established since 1964

Otedola has effectively ceased to be involved with the company.

Today’s Echo gathers that the new owner of Forte oil is Abdulwasiu Sowami, the Managing Director/CEO of Prudent Energy. Sowami allegedly sponsored the governorship bid of defeated Allied Peoples Movement(APM) candidate in the last Ogun State gubernatorial election; Abiodun Akinlade

African Petroleum (AP) was formerly owned by British Petroleum(BP). The Nigerian government acquired the company and named it African Petroleum in 1979. In May 2007, the Nigerian government sold its stake in AP to Zenon Petroleum & Gas Limited, owned by billionaire, Femi Otedola, who changed the name from AP to Forte Oil.

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.

In 2018, the Oil Otedola invested $350 million in a power generation company known as Geregu Power plc. He acquired the company in 2013 through a subsidiary of Forte Oil Plc, Amperion Power Distribution Company Limited. A major overhaul of the plant commenced in 2015 and was completed in 2016, increasing the combined capacity to 435MW

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