Nigerian Billionaire Femi Otedola’s Forte Oil Signs $83 Million Contract With Siemens

Related stories

JUST IN: Another Ex-Military Administrator is dead Late Ex-Milad, Senator Joseph Akaagerger

A former Senator and one-time Military Administrator of Katsina...

Saraki: How Buhari’s Govt Bullied 8th Senate For Refusing To Cut Deals

By Kolawole Ojebisi Former Senate President, Bukola Saraki has alleged...

Fresh Concerns, Twist As Supreme Court Fines Fidelity Bank N225 Billion

Lambasts Bank Over Procedural Non-Compliance By Abiola Olawale One of...

2027: Begin Counting Your Days In NASS, Governor Tells PDP Lawmakers

By Kolawole Ojebisi Jigawa State governor, Malam Umar Namadi, has...

downloadForte Oil, Nigeria’s largest petroleum marketing company which is majority-owned by billionaire Femi Otedola, has signed an $83 million contract with Siemens to upgrade its 414-megawatt gas-fired power plant situated in Kogi State in Nigeria’s central region.

The $1.1 billion (market cap) publicly traded oil company said in a press statement on Monday that it has made a 75% downpayment for the work and the upgrade would be completed in 2016.

In 2013, Forte Oil, which owns more than 500 gas stations in Nigeria and Ghana in addition to fuel storage depots, purchased a controlling stake in the 414 MW Power plant under a government-led privatization programme in the power industry under the leadership of former Nigerian president Goodluck Jonathan. Forte Oil made the acquisition through Amperion Power Distribution Co Ltd, a wholly owned subsidiary of Forte Oil. It paid $132 million at the time.

Forte Oil said it plans to upgrade to increase the overall capacity of its plant to 435 MW. The company’s shares climbed 5% to close at N191.10 (97 cents) per share on Monday following the news.

Femi Otedola, 53, who is the chairman and controlling shareholder of Forte Oil has a current net worth of $1.06 billion according to FORBES’ Realtime billionaire scoreboard on Tuesday.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

Latest News
JUST IN: Another Ex-Military Administrator is dead Late Ex-Milad, Senator Joseph AkaagergerSaraki: How Buhari's Govt Bullied 8th Senate For Refusing To Cut DealsFresh Concerns, Twist As Supreme Court Fines Fidelity Bank N225 Billion2027: Begin Counting Your Days In NASS, Governor Tells PDP Lawmakers'Bail Yourself Out': Rich Dad Poor Dad Author Predicts Major Financial Crisis Ahead, Urges People To Ditch 'Fake Fiat Money'Tunde Fanimokun And Jakande: The Path Of Our Fathers2027: PDP, Peter Obi's Supporters Blast Yakassai Over Comments On TinubuAMMN Kicks As TCN Awards Chinese Firms Over N160bn Contracts2027: In High Stake Game, Atiku Offers Obi VP Role, Pledges Single-Term PresidencyTrump Probes Kamala Harris Over Alleged Celebrity Endorsement Payments To Beyonce, Winfrey Oprah, OthersFive Unknown Facts About Joe Biden’s Prostate Cancer DiagnosisJAMB mass failure: Beyond JAMB, what next?₦47 Trillion Later: A Mid-Term Reality Check for State PowerTinubu, Obi, Fayemi Share Lighthearted Moment at Pope Leo XIV’s Inauguration in RomeA Vatican Story, By Temitope Ajayi
X whatsapp