{"id":28900,"date":"2018-12-24T21:42:01","date_gmt":"2018-12-24T20:42:01","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=28900"},"modified":"2018-12-24T21:42:01","modified_gmt":"2018-12-24T20:42:01","slug":"femi-otedola-dumps-forte-oil-notifies-the-exchange","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/femi-otedola-dumps-forte-oil-notifies-the-exchange\/","title":{"rendered":"Femi Otedola Dumps Forte Oil, Notifies The Exchange"},"content":{"rendered":"

Nigerian billionaire businessman, Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings in Forte Oil.<\/p>\n

This was revealed by the Nigerian Stock Exchange in a statement on its website on Monday.<\/p>\n

\n

The statement was signed and made available to reporters by\u00a0Akinleye Olagbende, the\u00a0\u00a0General Counsel of the company.<\/p>\n

\n

The statement entitled \u2018notification of divestment by the majority shareholder in the downstream business operations,\u2019 reads, \u201cForte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities and Exchange Commission, Shareholders and the investing community that its Majority Shareholder, Mr. Femi Otedola, CON has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75% direct and indirect shareholding in the Company\u2019s downstream business.<\/p>\n

\u201cMr. Otedola\u2019s divestment from the downstream business is pursuant to his decision to explore and maximise business opportunities in refining and petrochemicals.<\/p>

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\u201cThe transaction is expected to close in the First Quarter (Q l ) of\u00a02019\u00a0subject to the satisfaction of various conditions and receipt of applicable regulatory approvals.<\/p>\n

\u201cStandard 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.<\/p>\n

\u201cThis press release does not constitute an offer to sell or a solicitation of an offer to buy any of the ordinary shares or any other securities, nor will there be any sale of the ordinary shares or any other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.\u201d<\/p>\n<\/div>\n<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

Nigerian billionaire businessman, Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings in Forte Oil. This was revealed by the Nigerian Stock Exchange in a statement on its website on Monday. The statement was signed and made available to reporters by\u00a0Akinleye Olagbende, the\u00a0\u00a0General Counsel of the company. The statement entitled …<\/p>\n","protected":false},"author":6,"featured_media":9070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[673],"coauthors":[2391],"class_list":["post-28900","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-forte-oil"],"yoast_head":"\nFemi Otedola Dumps Forte Oil, Notifies The Exchange - National Wire<\/title>\n<meta name=\"description\" content=\"Nigerian billionaire businessman, Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings in Forte Oil.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/femi-otedola-dumps-forte-oil-notifies-the-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Femi Otedola Dumps Forte Oil, Notifies The Exchange - 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