Femi Otedola has been regarded as one of Nigeria’s wealthiest men for years. He was the second Nigerian to make the Forbes List of Billionaires in 2009. The billionaire owns multiple companies and assets within and outside Nigeria. Some of his most notable companies are Zenon Oil and Forte Oil.
He is also a notable shareholder in Zenith Bank and United Bank for Africa; and a recognized donor to People’s Democratic Party. Femi Otedola is one of the published donors to Olusegun Obasanjo’s Presidential Library. On Christmas Day of 2018, it was publicly revealed that Otedola had finalized plans to sell his 75% stake in Forte Oil. The sale, to Prudent Energy, will be completed in Q1 2019.
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Top 3 Most Plausible Reasons Otedola Sold Forte Oil:
- Financial Setbacks and the Need for Liquidity. Otedola has previously topped the list of debtors and non-performing loan owners in Nigeria. At a time, he and his companies were owning close to $1 billion as disclosed by The Central Bank of Nigeria (CBN).
Top 2 Reasons Femi Otedola Accepted To Contest For Lagos Governorship Elections.
- Exit From Industry Challenges. There have been notable exits from the industry since 2013 with Chevron and Exxon selling parts of their Nigerian businesses. Oando Oil owned by Wale Tinubu is also experiencing financial setbacks. Erin petroleum owned by Kase Lawal filed for bankruptcy in 2018.
- According to the businessman himself, he is selling Forte Oil to move into More Lucrative Investments in Refining and Petrochemicals.
Popular Read: Top 5 International Private Investors In Nigeria.
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