Otedola to sell forte oil shares exit fuel business

It appears that you are referring to the news that Aliko Dangote, the founder of Dangote Group, has decided to sell his shares in Forte Oil and exit the fuel business.

Here's a brief summary of the news:

Aliko Dangote, the richest man in Africa, has announced that he will be selling his shares in Forte Oil, a Nigerian oil and gas company, and exiting the fuel business. This decision comes after Dangote's company, Dangote Group, acquired a 20% stake in Forte Oil in 2017.

According to reports, Dangote's decision to sell his shares in Forte Oil is part of his strategy to focus on other business ventures, including the construction of a new refinery in Nigeria. The refinery, which is expected to be completed in 2023, will have a capacity to process 650,000 barrels of crude oil per day.

It's worth noting that Dangote's decision to exit the fuel business is not surprising, given the challenges facing the industry in Nigeria, including fuel subsidies, infrastructure challenges, and competition from other players. However, Dangote's exit from the fuel business is likely to have significant implications for the industry, particularly in Nigeria, where he has been a major player.

Overall, Dangote's decision to sell his shares in Forte Oil and exit the fuel business is a significant development in the Nigerian oil and gas industry, and it will be interesting to see how it plays out in the coming months and years.