Forte Oil boss and billionaire businessman, Femi Otedola, has joined the #10YearChallenge. The #10YearChallenge is a trending social media hashtag where users across the globe post a collage photo showing pictures of themselves from a decade ago compared to the present day in an effort to showcase physical transformation.
Otedola took to his Instagram page to post a collage of himself to key into the trending #10yearchallenge. While physically he may not have changed much, his accomplishments over the past ten years are notable.
Last year, Otedola divested his direct and indirect holdings in Forte Oil Plc – equal to 75% of the company’s issued shares. This was disclosed in a letter signed by Akinleye Olagbende, General Counsel of Forte Oil. Otedola said he was divesting from the company in order to “explore and maximize business opportunities in refining and petrochemicals.”
In a surprise announcement this morning, Otedola shared his intention to purchase assets from Forte Oil in a corporate disclosure to the Nigerian Stock Exchange (NSE). The assets in question are the company’s Upstream, Power, and Ghanaian unit.
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The transaction is expected to close in the first quarter of 2019 subject to the satisfaction of various conditions and receipt of various regulatory approvals.