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

16951

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.

Subscribe to Our VIP Newsletter

Previous articleAmbode, Tambuwa and Al-Makura meet at National Economic Council meeting
Next articleBreaking news: Jega bows out, handsover to Ahmed Wali
Hamilton Nwosa

The New Diplomat stands for ethical journalism, press freedom, accountable republic, and gender-equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally. From our insightful reports of political issues to our riveting investigations and analyses of business, socio-economic, and cross-cutting sectors, The New Diplomat remains ever committed to investigative reporting and ethical journalism. Support and partner with The New Diplomat today, to guarantee a positive future for all under an atmosphere of free press!

LEAVE A REPLY

Please enter your comment!
Please enter your name here