Business & Economy

Otedola on sold shares

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I guess it’s no longer news that oil tycoon Femi Otedola, announced his decision to sell his 75% direct and indirect shareholdings in Forte Oil. He did this via a letter to the Nigerian Stock Exchange.

The news was received with mixed reactions from Nigerians and while responding to a 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’. We all like to take a cue from the business tycoon.