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Why I Want To Sell Forte Oil – Otedola

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Eniola Olayemi

 

Business mogul Femi Otedola has announced divestment of his 75 percent shareholding in Forte Oil to maximize opportunities in refining and petrochemicals businesses.

Otedola and Aliko Dangote are in partnership for the construction of the $12 billion 650,000 barrels per day petrochemical refinery in Lekki, Lagos. The project is expected to come on-stream next year.

Forte Oil, in a statement, said Otedola’s decision to divest from the downstream business is pursuant to his decision to explore and maximise business opportunities in refining and petrochemicals.

Signed by Akinleye Olagbende, Forte Oil’s general counsel the statement read: “Forte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities and Exchange Commission, shareholders and the investing community that its majority shareholder, Mr. Femi Otedola, has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 per cent direct and indirect shareholding in the company’s downstream business.

“The transaction is expected to close in the first quarter of 2019 subject to the satisfaction of various conditions and receipt of applicable regulatory approval.”

Standard Chartered Bank, Corporate Finance & Advisory, Dubai, and Olaniwun Ajayi LP served as financial and legal advisors to Otedola, while PricewaterhouseCoopers and Stanbic IBTC Capital Limited served as joint financial advisors and Sefton Fross served as legal advisor to Ignite Investments and Commodities Limited.

“There will be no sale of the ordinary shares or any other securities in any state or jurisdiction in which such an offer solicitation or sale is not permitted,” the notification read.

The Federal Government is relying on Dangote refinery to help reduce petroleum products importation. The refinery was earlier proposed to begin operation this month but shifted to next year.

Known as African Petroleum, in the year 2000, the Federal Government under the privatisation programme divested its 40 per cent to core investors and interested Nigerians.

In May 2007, the shareholding structure took another dimension as Incorporated Trustees of NNPC’s Pension Fund divested its stake to Zenon Petroleum & Gas Limited owned by Femi Otedola, making it the majority shareholder in the company. As a result, Zenon Petroleum & Gas Limited and its affiliated entities became the core investor in the company.

Under the new management, African Petroleum embarked on a rebranding and restructuring drive which led to a name change to Forte Oil Plc in December, 2010.

 

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Minister of Information to Chair GOCOP Book Launch in Abuja

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Minister of Information to Chair GOCOP Book Launch in Abuja

Lago

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Minister of Information and National Orientation, Alhaji Mohammed Idris, is to chair the public presentation of the book Nigeria Media Renaissance: GOCOP Perspective on Online Publishing, a publication of Guild of Corporate Online Publishers (GOCOP).

The event is scheduled for 110am on Tuesday June 17, 2025 at the Continental Hotel, Abuja.

President of GOCOP, Maureen Chigbo, who confirmed this development said the book presentation will be graced by eminent personalities from all walks of life, including government officials, captains of industry, media practitioners and other professionals, representatives of international organisations, directors of non-governmental organisations.

Alhaji Idris was sworn in as Minister of Information and National Orientation on August 21, 2023, following his appointment by President Bola Ahmed Tinubu. With over three decades of experience in broadcasting, newspapering, public relations, and advertising, Idris has brought a wealth of expertise to the role.

His academic background includes degrees in English Studies from Uthman Danfodio University, Sokoto, and Bayero University, Kano. As an entrepreneur, he established notable media outlets such as Blueprint, WE FM radio station, and Rapid Television in Abuja. He is a prominent figure in professional associations such as National Institute of Public Relations, African Public Relations Association, Public Relations Consultants Association of Nigeria, and Newspaper Proprietors Association of Nigeria.

As the founder of Bifocal Communications, a leading public relations and communications consultancy, Idris has served both local and transnational corporations.


Beyond his professional endeavours, Idris is committed to social responsibility through the Mohammed Idris Malagi (MIM) Foundation, which has positively impacted many lives. As a reward for his contributions to the development of his immediate environment and beyond, The Etsu Nupe conferred “Kaakaki Nupe” on him.

A press statement by the GOCOP Publicity Secretary, Ogbuefi Remmy Nweke, quoted the GOCOP president as saying that the proceeds of the book will be used to fund the N2.3 billion GOCOP MEDIA CENTRE, a multi-purpose resource centre comprising a secretariat, a 21st Century library and event halls, among others.

Nweke further noted that the Guild of Corporate Online Publishers (GOCOP) was established to promote professionalism in online publishing, ensuring its members uphold the fundamental principles of journalism.

Comprising seasoned editors and senior journalists with distinguished career in print and electronic media, GOCOP’s membership has traversed the online publishing, recognizing its pivotal role in shaping the future of journalism globally. With 120 corporate publishers as members, GOCOP continues to uphold the highest standards of online journalism

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Lagos Island Lawmaker, Afinni Picks Patient Surgery Bill

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Lagos Island Lawmaker, Afinni Picks Patient Surgery Bill

Ajagbe Adeyemi Teslim

sponsored by: H&H

“May you never experience such, May God be with you and your household, may you never fall sick, your enemies will never overcome you, These are the prayers from the heart of a resident of Lagos Island constituency ll, Mr. Abiola Shuab when favour falls on him during and aftermart of his successful surgery Operation been sponsored by Lagos Lawmaker, Hon. Lanre Afinni.

August24news.com gathered that Mr. Abiola Shuab was suffering from a premium Nasal Nose Blockage and as been placed under drugs and treatment before his doctor prescribed him for a Surgery Operation.

The surgery Operation was carried out successfully by a team of medical expert at the Ilorin General Hospital last Friday.

Upon reaching the Lawmaker for Financial support for the surgery, Hon. Lanre Afinni who represent the good people of Lagos Island Constituency ll at the Lagos State house of Assembly quickly reacted to the request and ask his Committee on Health to rally round Abiola and carry out all the necessary action claiming the bill should be credited on his account.

Commenting on the Goodwill done by Hon. Lanre Afinni is the Apex Leader of the All Progressive Congress (APC) in Lagos Island Constituency ll, Chief Babajide Damasio commended Affini for the prompt and good act describing him as a lawmaker of the people who is always at alert for the good gesture.

On his own Part Hon. Lanre Afinni who doubles as the Chairman house committee on Environment at the Lagos State House of Assembly told Our Correspondent that “health is wealth, “we remain committed to our constituents members healthcare, their health is Paramount to us and that is why we have to come to their aid when needed.

According to Afinni, When we came into Office in 2023, we inaugurated several committees to look into the needs of our consistency members in different capacity and appoint professional to head the team in various offices such as Education, Sport, Security, Empowerment, Job Creation and Health.

“On our Health Committee desk, we have been able to organize series of medical talks, we also help with medical bills of our constituency members, We have done 3 editions of the medical outreach program, which includes dentals and distributions of free eye glasses with over 2,000 Two thousand in every edition and the 4th edition will be held in December this year. Afinni Stated.

Mr. Abiola Shuab is an Higher National Diploma holder in Banking and Finance from the prestigious Ibadan Polytechnic, Oyo State and resident of Number 17 Ajanaku Street, Lagos Island East LCDA.

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Smear Campaign Won’t Stop Police Reforms, CASA Stands with IGP Egbetokun

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Smear Campaign Won’t Stop Police Reforms, CASA Stands with IGP Egbetokun

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Civic Alliance for Security Accountability (CASA) has strongly condemned what it calls a coordinated campaign of calumny against the Inspector General of Police (IGP), Kayode Egbetokun, urging Nigerians to disregard all unfounded attacks on his person and leadership.

In a statement released on Friday, May 30, 2025, the President of CASA, Charles Egbunike, described the attacks as part of a broader agenda to discredit not just the IGP, but also President Bola Ahmed Tinubu, under whose administration Egbetokun was appointed.

“These campaigns are not only malicious but deliberately designed to create instability,” Egbunike said. “Those behind them are not just attacking the IGP; they are using him as a tool to hit at the President. This is because of the IGP’s long-standing association with President Tinubu, dating back to when he served as his Chief Security Officer during Tinubu’s tenure as Governor of Lagos State more than two decades ago.”

According to the group, the real masterminds behind the smear campaign are disgruntled elements who lost out following the IGP’s recent reforms aimed at sanitizing the system, especially his decision to implement the position of the law and the Police Service Commission on retirement age and service years. These individuals, who are angry over the unalloyed support Egbetokun enjoys from the President and the members of the Nigeria Police Force, he said, are now collaborating with unscrupulous figures in the online media space who have been paid to do a hatchet job.

“These individuals prospered under a corrupt system and are now resentful because Inspector General Egbetokun has put an end to that era of impunity and unprofessional conduct. They are using faceless online platforms and questionable media outlets to spread lies and cast doubt on the IGP’s credibility. Very soon, we will start revealing the people behind this campaign, including a retired Senior Police officer who is unhappy about the way he left office. We will also expose those paying for online attacks meant to weaken the police and, by extension, the government. This is not just an attack on one man, it is an attempt to undermine national security. We will not let that happen,” Egbunike said.

Speaking alongside Egbunike,  a retired Assistant Inspector General of Police (AIG), Idris Dauda Dabban, described IGP Egbetokun, as a truly professional, hardworking, humble and forward-thinking officer whose leadership is shaping a more disciplined and professional Nigerian Police Force as he advises those who are attacking him for their myopic selfish reasons to desist from it.

AIG Dabban (rtd), who was a coursemate of Egbetokun at the Police Academy and later served closely with him, gave personal insights into the character and work ethics of the country’s top cop.

“IGP Egbetokun is a very humble, selfless, courageous and hardworking officer,” Dabban said. “He’s someone who listens, interacts well with people, and genuinely cares about getting the job done.”

Their connection goes way back, not just as coursemates but also as close colleagues posted to the same units and living in the same police barracks. According to Dabban, that experience gave him a front-row view of the IGP’s drive, care for the people and passion for duty.

“After we left the academy, we were both posted back to Lagos. We served in the same unit and even lived in the same barracks at Satellite Police Barrack. I can confidently say I know him very well,” Dabban recalled.

“He’s always ahead, very proactive, never reactive. He doesn’t tolerate anything that goes against the ethics of the Force. He’s very forward-looking, passionate about the job and holds himself and others to high standards. I can say Nigerians are lucky to have this kind of incorruptible cop as their IGP.

“He’s a nationalist, he is never tribalistic or considers religious sentiment. For him, it’s all about the job, work, work, and more work. He’s fully committed to building a better police force that I am certain about.”

Speaking in a similar vein, the Secretary-General of CASA, Emamode Peters, praised IGP Egbetokun for the positive changes he is bringing to the Force.

According to him, Egbetokun is not only a strong leader but also a highly educated officer who brings deep knowledge and discipline into policing.

He said, “One thing I admire most about the IGP is his work ethic. He drives his subordinates hard because he believes in results. Laziness and unprofessional conduct have no place under his leadership. I have personally observed that he leads from the front; he works round the clock, comes to the office early, and spends more than 14 hours in the office daily, and I also know that most days he does not go to bed until 4 am. Because he continues with meetings and work at home. I marvelled at how he attends to the deluge of work and files on his table and he does all of that with vigour and professionalism.”

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