Home » Business » Femi Otedola smiles to the bank with $200million after selling Forte Oil shares to Mercuria
Femi Otedola smiles to the bank with $200million after selling Forte Oil shares to Mercuria
Femi Otedola:Chairman, Forte Oil

Femi Otedola smiles to the bank with $200million after selling Forte Oil shares to Mercuria

Leke Adeosun

After coming from the brink of bankruptcy when he restructured his business, lifestyle and finances, billionaire businessman Femi Otedola is smiling again.

In the last few years, Forte oil has become the beautiful bride of Nigerian stock market, it has grown steadily, launching new products and building a solid capital base. As testament to its great leap, www.proshareng.com revealed that Otedola is $200million richer after selling 17% his personal and Zenon Oil shares to Mercuria.

Mercuria Energy Trading S.A. one of the world’s largest independent energy and commodities groups is a company that had a turnover of $106 Billion in 2014-and has operations in many corners of the world. In NIgeria, it already has a working arrangement with Seplat but this deal with Forte Oil will further enhance its business and provide Forte Oil with a much-needed access to the global oil market,

Already both regulatory bodies: Securities and Exchange Commission (SEC) and the Nigeria Stock Exchange (NSE) have granted approvals-and the integration has already began.

According to its website, Having begun with a focus on oil trading, our activities now encompass all key energy products and a wide range of dry bulk commodities. We have also grown the physical elements of our business and operate a significant portfolio of assets, including production, logistics and storage interests.

The Mercuria network encompasses 38 offices in 27 countries and the Group employs more than 1000 people of 40 nationalities. We trade in more than 50 countries.

Started in 2004 with its head Office in Switzerland, Mercuria reveals that its core business is sourcing, supplying and trading crude oil and refined petroleum products.

Adding ” From these origins we have expanded the portfolio to encompass petrochemicals, biofuels, environmental products, natural gas and LNG, power, coal, iron ore and a range of other dry bulk commodities and agricultural products.

“We enhance our trading activities with strategic assets providing valuable insights into market places where we operate and enabling us to optimize the supply chain; for example, by business management regarding oil production services, fuels and electrical energy, and transport storage and delivery of goods.”

 

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