Nigerian billionaire oil magnet, Femi Otedola, is gradually making incursions into the energy sector.
Forte Oil, owned by Nigerian billionaire, Femi Otedola, has signed an $83 million contract with Siemens to upgrade its 414-megawatt gas-fired power plant situated in Kogi State.
Forte Oil, one of Nigeria's largest petroleum marketing company with over $1.1 billion market capital, mentioned in a press statement that it has made a 75% down payment for the work and the upgrade would be completed in 2016.
Forte Oil had before now, purchased a controlling stake in the 414 MW Power plant under a government-led privatization programme in the power industry in 2013, making the acquisition through Amperion Power Distribution Co Ltd, a wholly owned subsidiary of Forte Oil, for a whopping $132 million.
Forte Oil, with more than 500 gas stations in Nigeria and Ghana in addition to fuel storage depots, said it plans to upgrade so as to increase the overall capacity of its plant to 435 MW.
The 53-year-old Otedola, 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.