Billionaire businessman, Femi Otedola, has announced the sale of Forte Oil Plc.

Otedola, who was chairman of the oil firm, had announced plans to sell off his 75 per cent stake in the company to “maximise the opportunities in refining”.

In a message he posted on Instagram on Wednesday, he confirmed that the process is now complete. According to Otedola, he is now prepared to focus on his investment in the power sector.

He said, “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. WISHING HIS successors the very best and urge them to build on our legacies which have been established since 1964,” he wrote.