Finally Otedola leaves the Oil Sector and heads for Power Generation as he sells Forte Oil | Nigeria News
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Finally Otedola leaves the Oil Sector and heads for Power Generation as he sells Forte Oil

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Femi Otedola leaves Forte Oil

On Wednesday, Mr Femi Otedola revealed his withdrawal from Forte Oil Plc with a 75% stake in the business sold off.

970,17 million Forte Oil stocks valued at over 64 billion naira on the Nigerian Stock Exchange (NSE) floors were disbursed to an off-market trade on Wednesday.

The 75% stake was sold to Prudent Energy, a local oil company.  This stake is the majority stake in Forte Oil shares. However, the company is yet to formally lodge a administrative notification on the exit of billionaire, Femi Otedola.

In his Instagram page, Femi Otedola stated that:

“A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders.

“In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc.

“We wish our successors the very best and urge them to build on our legacies which have been established since 1964.”

 

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I am Olarewaju, A university graduate, I love writing and delivering useful information for the major populace. An editor at NIGERIA NEWS, you can email me at olarewaju@nigeianews.net

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DMO Reveals Nigeria’s Debt Under Buhari’s Administration

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DMO reveals Nigeria's Debt

As of March 31, 2019, the Debt Management Office, DMO, released the Public Debt Data which included the Federal Government of Nigeria’s (FGN) internal and additional debts, the 36 Federal States and the Federal Capital Territory (FCT).

The numbers have been published on Wednesday in a declaration on DMO’s Official webpage.

Read DMO’s statement below:

“At ₦24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of ₦24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.

“The increase of ₦560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by ₦458.363 Billion.

“Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by ₦101.646 Billion during the same period.

“In relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019.

“The Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government,”

The Debt Management office has initially published one of this articles in 2018 saying the Buhari administration is in N26 Trillion debt.

Here is a complete break down of the debt:

  

Debt Category

Amount Outstanding

(US$’M)

Amount Outstanding

(N’M)

 

% of Total

A.Total External Debt25,609.637,860,875.9331.51%
 FGN + States & FCT only25,609.637,860,875.9331.51%
B.Total Domestic Debt55,664.4617,086,204.6668.49%
 FGN Only42,721.6813,113,420.2952.56%
 States & FCT12,942.773,972,784.3715.92%
c.Total Public Debt(A+B)81,274.0924,947,080.59100%
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AFCFTA: Sahara Group Lauds Buhari For The Signing The Deal

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AFCFTA Sahara group backs buhari

Kola Adesina, the MD of the Sahara Group, stated that the  African Continental Free Trade Agreement (AfCFTA) can change the energy industry of Africa. The black continent can profit from this by aligning regulations, taxation, cross-border workforce cooperation and new capital development.

Lately, AfCFTA got a major surge when the Nigerian President, Muhammad Buhari signed Nigeria to AfCFTA. The world’s biggest free trade area with a total gross domestic product of $3.4 trillion encompassing a market of more than 1.2 billion individuals.

Mr. Adesina said that the new deal will:

“propel governments and the private sector to take strategic steps towards repositioning the power industry across the continent.

“The energy sector has several components along the value chain that require interconnectivity of all stakeholders to make uninterrupted power available. With AfCFTA, Africa now has a platform to critically reconsider harmonized major infrastructure developments as well as the aggregate contribution and enabling legislation, policies and tariffs required to shore up power supply across the continent

“Nigeria has an abundance of gas deposits. With a power plant located in Nigeria we can develop transmission infrastructure that covers West Africa and achieve electrification of the entire region with the gas fired plants from Nigeria. These are some of the conversations and partnerships that I believe AfCFTA will trigger across the continent,” 

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