24Hrs After Announcing The Sale Forte Oil, Otedola’s Geregu Power Plant’s Website Goes Down

Just twenty-fours after Femi Otedola announced the divestment in his down stream oil firm Forte Oil, the official website of  Geregu Power Plant, the billionaire business’s gas power plant, has been down.

A visit to the website http://www.geregupowerplc.org.ng gives a Bandwidth Limit Exceeded message. This apparently is due to huge influx of searches being made to the site by individuals cross the world.

A check on the website done at about 10 am this morning and also at about 1 pm shows the website is still in this state and is yet to be fixed.

Otedola had announced via his Instagram account on Wednesday that he had concluded the transfer of his shares in the the oil company to another Nigerian company. His post reads:

 

“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,” Otedola said.

Last December, Forte Oil announced that its controlling shareholder, Otedola, was selling off his interest in the company. A disclosure notice sent to the Nigerian Stock Exchange (NSE) had said that Otedola reached an agreement with another energy firm, Prudent Energy.

“Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximize business opportunities in refining and petrochemicals,” the disclosure sent to the Nigerian bourse said.

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