Otedola Concludes Sale of 75% Forte Oil Sale For N66.25bn

A total of 970,166,694 units of Forte Oil Plc were on Wednesday, June 19, 2019, crossed in five deals off-market for a total of N66.25bn.
This concludes the sale of the entire 75% direct and indirect stake of the company’s chairman and majority shareholder- Femi Otedola announced through the Nigerian Stock Exchange (NSE) last December.
Recall that the company had notified the Nigerian Stock Exchange and the Securities & Exchange Commission (SEC), among others of Otedola’s agreement with Prudent Energy Ltd, investing through Ignite Investments and Commodities Ltd to divest his 75% stake in the company’s downstream business.
The transaction was initially expected to close in the first quarter subject to satisfaction of various conditions and receipt of applicable regulatory approvals.
Wednesday’s off-market deals were negotiated between Stanbic IBTC Stockbrokers as buyer and APT Securities and Funds Ltd, WSTC Securities Ltd and Quantum Zenith Securities Ltd as sellers, according to market sources.
The stock gained a maximum of 10% for the day or N3.15, closing at N34.65 per share.