May 3, 2018 / 1:32 PM / 5 months ago

Nigeria's Forte Oil falls to one-week low on divestment plans

LAGOS, May 3 (Reuters) - Shares of Nigeria’s Forte Oil fell to one-week low on Thursday after the energy firm announced plans to seek a shareholder vote to divest subsidiaries in Nigeria and Ghana.

Forte Oil, majority owned by billionaire Femi Otedola, saw its shares fall 4.87 percent to 42.95 naira.

The company said late on Wednesday it planned to sell its upstream services and power businesses in Nigeria and exit Ghana to focus on core fuel distribution operations at home. It will seek shareholder approval for the plan on May 23.

Reporting by Chijioke Ohuocha; Editing by Mark Potter

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