Nigerian billionaire Femi Otedola's Forte Oil signs $83M contract with Siemens

Femi Otedola. Credit: AFP/Getty Images

Forte 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.

Read more: Nigerian Billionaire Femi Otedola’s Forte Oil Signs $83 Million Contract With Siemens – Forbes