Monday, November 23

Tag: forte oil

Meet Abdulwasiu Sowani, The Billionaire Who Bought Forte Oil From Femi Otedola
Business

Meet Abdulwasiu Sowani, The Billionaire Who Bought Forte Oil From Femi Otedola

His name is Abdulwasiu Sowani, a silent billionaire and sharp Manager of Human resources. He is the new holder of Forte Oil plc, a downstream oil and gas company formerly belonging to Femi Otedola. Right after the sale of the oil and gas sector, Sowami took possession of a 74.02% equity stake in the Forte Oil PLC downstream operations through his firm, Ignite Investments and Commodities Limited. One of the foremost leading downstream oil and gas companies in Nigeria is Forte Oil Plc leading , it’s publicly on the list of The Nigerian Stock Exchange. Abdulwasiu Sowami is now the Chairman of Ignite Investments and Commodities Limited and Forte Oil Plc. Surprisingly, He is also the proprietor of Prudent Energy Limited, one of the local oil firms that has been given the licence...
Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business
News

Billionaire Femi Otedola Sells Forte Oil, Exits Fuel Business

The Chairman of Forte Oil Plc, Femi Otedola, has announced that they have sold all  shares in the firm’s downstream business, to focus and consolidate on the gains of their 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 billionaire business man disclosed this on his Instagram page today, June 19th. "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 ...
Femi Otedola Set to Acquire the Upstream Of Forte Oil
News

Femi Otedola Set to Acquire the Upstream Of Forte Oil

Femi Otedola is set to acquire the upstream business of Forte Oil Plc. and its power generating business Amperion Power Distribution Company Limited. The company made this known in a notice to shareholders published by the Nigerian Stock Exchange (NSE). According to the company, shareholders had last year authorised a restructuring that will see Forte Oil sell its upstream and power businesses, as well as its downstream business in Ghana AP Oil&Gas Ghana Limited. “A public tender sale process was commenced to attract interested potential investors to participate in the divestment opportunity,” the notice reads, Adding, however, that a review of the process showed low interest from investors, especially for Amperion Power which was priced lower than the company expected. Oted...
Why Femi Otedola sold Forte Oil shares
News

Why Femi Otedola sold Forte Oil shares

A steward had queried why Femi Otedola sold Forte Oil shares despite the firm’s bloom, especially on the stock exchange market and also as a major stakeholder in the oil industry. If you recollect, some few days ago, Nigerian oil magnate, Femi Otedola via a letter to the Nigerian Stock Exchange announced his decision to sell his 75% direct and indirect shareholdings in Forte Oil. The news was received with mixed reactions from Nigerians and while responding to the steward’s comment on Instagram, Otedola explained the reason for his decision. In his words: ‘to diversify into other areas of the economy such as petroleum products refining that require huge capital outlay’.
Femi Otedola Sells Off Stake In Forte Oil
News

Femi Otedola Sells Off Stake In Forte Oil

Femi Otedola, Nigerian billionaire, 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 Akinleye Olagbende, the General Counsel of the company. The statement entitled ‘notification of divestment by the majority shareholder in the downstream business operations,’ reads, “Forte 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 i...
Otedola Set To Divest 75% Stake From Forte Oil, Notifies SEC, NSE
News

Otedola Set To Divest 75% Stake From Forte Oil, Notifies SEC, NSE

Forte Oil Plc has disclosed plans by  Nigerian billionaire businessman, Femi Otedola to sell his 75 per cent direct and indirect shareholdings in Forte Oil. Forte Oil Plc in a statement signed by its General Counsel, Akinleye Olagbende stated that it has notified the Nigerian Stock Exchange, NSE, Securities and Exchange Commission, SEC and the investing community that its majority shareholder, Mr. Femi Otedola has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 percent direct and indirect shareholding in the company’s downstream business. Femi Otedola The statement states: ““ Mr Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximise business opportu...
Billionaire Femi Otedola’s Daughter, Tolani Is a Boxer, Checkout Her Video
News

Billionaire Femi Otedola’s Daughter, Tolani Is a Boxer, Checkout Her Video

The Otedola girls do not joke when it comes to their romantic relationships and love life, this is evident in the possessive behaviour of DJ Cuppy and more recently her big sister, Tolani shared a video of her boxing lessions as a future warning to any guy that plan not to treat her right when they date! Peep the video below: https://instagram.com/p/BgoaSjrgLr6/?utm_source=ig_embed
“Happy Birthday to my African Queen! My Bestie! I love you so much” – Mr Eazi Celebrates Temi Otedola On Her Birthday Today
Celebs

“Happy Birthday to my African Queen! My Bestie! I love you so much” – Mr Eazi Celebrates Temi Otedola On Her Birthday Today

Temi Otedola, daughter of oil mogul, Femi Otedola has received love from her boyfriend, Mr Eazi as she celebrates her birthday today. Mr Eazi has taken to social media to celebrate Temi Otedola, last daughter of Oil baron Femi Otedola as she clocks 22 today. Eazi who is Temi’s boyfriend took to his Instagram page to celebrate her. Happy Birthday to my African Queen! My Bestie! I love you so much! Keep Shining  On her part, she shared this lovely photo to mark her special day.
Nigerian Billionaire, Femi Otedola Prostrate For Emir Of Kano, Lamido Sanusi
News

Nigerian Billionaire, Femi Otedola Prostrate For Emir Of Kano, Lamido Sanusi

Nigerian billionaire and Forte Oil boss, Femi Otedola, has shared a video of himself prostrating to the Emir of Kano, Muhammad Lamido Sanusi II. The 10-second video showed Otedola in a white attire paying homage by prostrating to Sanusi who was dressed in his royal attire seated and smiling at the humble gesture. Nigerian billionaire and Forte Oil boss, Femi Otedola, has shared a video of himself prostrating to the Emir of Kano, Muhammad Lamido Sanusi II. The 10-second video showed Otedola in a white attire paying homage by prostrating to Sanusi who was dressed in his royal attire seated and smiling at the humble gesture. https://www.instagram.com/p/BgW6zadjSwJ/
Billionaire Femi Otedola Reveals Why He Replaced His Old Nokia Phones With iPhones
News

Billionaire Femi Otedola Reveals Why He Replaced His Old Nokia Phones With iPhones

Nigerian billionaire and Forte oil boss, Femi Otedola, who is known to have a thing for old Nokia phones, has revealed why he ditched his phones for Apple’s iPhone. Otedola who is one of the richest men in Nigeria, has always been pictured with his phones, and it’s not what you would expect someone of his status to have.Where you would expect such a rich man to own and use this kind of phone, he happens to own two old Nokia phones instead (we say old because Nokia has since upgraded to making lots of smartphones). A picture was recently shared by one of his daughters on snapchat, with the caption ‘Old Skool’. Last year, the billionaire was spotted with an iphone and many wondered why the sudden change of heart. According to him, If you can’t beat them, you join them He shared ...
NSE: Market Capitalisation Up N88bn
News

NSE: Market Capitalisation Up N88bn

Activities on the Nigerian Stock Exchange (NSE) on Friday sustained the positive slide with the market capitalisation appreciating further by N88 billion, amid gains by blue chips. The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N13.763 trillion rose by N88 billion or 0.64 per cent to close at N13.851 trillion. Also, the All-Share Index inched 247.14 points or 0.64 per cent to close at 38,923.26 compared with 38,676.12 achieved on Thursday. NAN reports that major blue chips posted price appreciation with Nigerian Breweries leading the gainers’ table with a gain N2.10 to close at N138.10 per share. Unilever followed with a gain of N1.99 to close at N41.85, while Forte Oil N1.90 to close at N46 per share. Guinness appreciated by N1.60 to...
Nigeria Stock Exchange 2017: How Companies’ Values Fell, Rose
News

Nigeria Stock Exchange 2017: How Companies’ Values Fell, Rose

For the second year running, Forte Oil maintained its leadership as the worst performing stock on the Nigerian Stock Exchange, NSE, in 2017 in percentage terms. Statistics obtained by the News Agency of Nigeria from the exchange indicated that the stock, which opened trading in 2017 at N84.43, dropped by 48.50 per cent to close the year at N43.48 per share. NAN reports that Forte Oil in 2016 also emerged the worst performing stock in 2016 in percentage terms having dropped by 74.42 per cent. The stock, which opened trading in 2016 at N330, depreciated by 74.42 per cent to close trading at N84.43 per share. University Press followed with a loss of 46.23 per cent to close at N2.28 compared with N4.24 it opened for the year. MRS Oil shed 36.49 per cent to close at 27.46 against...
News

How NNPC Caused Fuel Scarcity —Oil Marketer

An oil and gas merchant, Capt. Emmanuel Iheanacho, has attributed the persistent scarcity of petrol to monopoly of the product by the Nigerian National Petroleum Corporation (NNPC). Iheanacho, also the Chairman, Integrated Oil and Gas Ltd., told NAN in Lagos on Tuesday that the inability of NNPC to create a window for private importers to import petrol also contributed to the scarcity. According to him, the current shortage in fuel importation gap was caused by the landing cost margin of N171 per litre and the selling cost pegged at N145 per litre. Iheanacho said it was unrealistic for marketers to import and sell at that rate. “The selling of the product at N145 per litre is no longer feasible with the current exchange rate. “Shortage of foreign exchange and increase in crude prices ...
EFCC Recovers N329 Billion From 10 Oil Marketers For NNPC
News

EFCC Recovers N329 Billion From 10 Oil Marketers For NNPC

The Economic and Financial Crimes Commission (EFCC) says it has recovered N329.150billion from 10 oil marketers from 2016 to date. This was contained in a report by the Petroleum Products and Marketing Company (PPMC) to the EFCC Acting Chairman, Ibrahim Magu, following investigations by a special task force set up by Magu. The PPMC had written a petition to the EFCC, against some oil marketers who defaulted in payment for products supplied to them by the Nigerian National Petroleum Corporation (NNPC) through the PPMC, seeking help to recover the funds. Magu then raised a special task force, which was managed by the EFCC Zonal office in Kano, to investigate how the marketers incurred the debts to the tune of about N349, 818,411,556.37. After the reconciliation, the Task Force in...
Trading Resumes On Positive Trend, Index Increases 0.27 Per Cent
News

Trading Resumes On Positive Trend, Index Increases 0.27 Per Cent

Trading activities resumed for the week on Monday still on a positive mood with the All-Share Index improving by 0.27 per cent. The index rose by 100. 28 points or 0.27 per cent to close at 37,525.38 against 37,425.15 achieved on Friday. Also, the market capitalisation inched N34 billion or 0.26 per cent to close at N12.933 trillion compared with N12.899 trillion posted on Friday. An analysis of the price movement chart indicated Nestle led the gainers, increasing by N33.58 to close at N1,060 per share. Nigerian Breweries followed with a gain of N5.35 to close at N181 and Mobil Oil garnered N4.90 to close at N236.90 per share. 7UP appreciated by N2.70 to close at N74.70, while Lafarge Africa increased by N1 to close at N60 per share. Conversely, Okomu Oil recorded the hig...
Earnings Expectation: NSE Market Capitalisation Crosses N12t Mark
News

Earnings Expectation: NSE Market Capitalisation Crosses N12t Mark

United Bank for Africa increased by 65k to close N10.10, while Zenith International Bank grew by 60k to close at N23.85 per share Transactions remained upbeat on the Nigerian Stock Exchange on Tuesday with the market capitalisation crossing to N12 trillion mark for the first time in over two years. The News Agency of Nigeria reports that the market capitalisation grew by N142 billion or 1.19 per cent to close at N12.085 trillion against N11.943 trillion achieved on Monday. Also, the All-Share Index moved to 35,000 mark appreciating by 412.95 points or 1.19 per cent to close at 35,065.47 compared with 34,652.52 posted on Monday. Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., linked the growth to impressive half year report and interim dividends declared by some qu...
I Had Never Met Tinubu When He Appointed Me Commissioner – Osinbajo
News

I Had Never Met Tinubu When He Appointed Me Commissioner – Osinbajo

Acting President, Professor Yemi Osinbajo said he had never met All Progressives Congress leader, Bola Tinubu, when he was appointed a commissioner in Lagos State. Osinbajo served as Attorney General and Commissioner for Justice in Lagos State during Tinubu’s administration. Osinbajo said: “I did not and I had never met Bola Tinubu before I was appointed Commissioner and that says a lot about the kind of individual that he is. This is the kind of thinking that makes nations great; that is the kind of thinking that would make Nigeria great. “A type of thinking that considers all of our diverse talents; a kind of thinking that does not allow parochialism; a kind of thinking that does not allow us to say anywhere belongs to only a set of people. That is when our country would be tr...
Temi Otedola Writes About Living With Her Autistic Brother
News

Temi Otedola Writes About Living With Her Autistic Brother

To mark the 2017 World Autism Day, Femi Otedola's daughter writes about her autistic brother . . Billionaire Femi Otedola's third child, Temi Otedola, has shared a moving story about her only brother, Fewa, who is autistic. According to Temi who wrote the article on her blog JTO Fashion, she and her siblings found out about their brother’s condition in 2004. Her's what she wrote; Autism Awareness day was launched 9 years ago to raise awareness and conversation about the people living with autism around the globe. with this in mind, I have decided to share my own personal experience with autism. Before getting to my own personal journey of loving and knowing someone on the autistic spectrum, I think it’s important to first describe what it is to those of you reading who are le...
Dangote, Adenuga’s Net Worth Drops By $7.4bn
News

Dangote, Adenuga’s Net Worth Drops By $7.4bn

The President of the Dangote Group, Alhaji Aliko Dangote; and Chairman of Globacom, Dr. Mike Adenuga, saw their net worth declined by $3.2bn and $4.2bn, respectively in the past year, according to Forbes 2017 World’s Billionaires list. Dangote retained his position as Africa’s richest person in the latest ranking, with a fortune of $12.2bn, although he was ranked 105th as against 51st last year. The Chairman of Forte Oil, Mr. Femi Otedola; and the Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, were missing on the list. They were worth $1.8bn and $1.1bn, respectively last year. In 2015, Otedola re-joined the list of African billionaires after a five-year hiatus, with a $1bn fortune. The net worth of the Founder and Executive Chairman, Famfa Oil Limited, Mrs. Folo...
Photos From Temi Otedola 21st Birthday Party
News

Photos From Temi Otedola 21st Birthday Party

Nigerian blogger and daughter of Oil Billionaire Temi Otedola has just clocked 21, and she marked the memorable age with a quite dinner with her family. Temi's dad, Femi Otedola and his wife, Nana with their disc jockey daughter, Ifeoluwa Cuppy Otedola were on hand to celebrate with the stunning fashion enthusiast.