Billionaire Magnate, Femi Otedola explains why he sold his shares in forte oil

A 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. (Read Here ICYMI)

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’.

See their exchange below ;