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’.