A few days ago, Nigerian oil magnate, Femi Otedola via a letter to the Nigerian Stock Exchangeannounced 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 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'.
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