The deal is done. 

Mercurial, the world’s third largest independent energy traders and asset operators has been successful in its bid to acquire a 17 per cent stake in Forte Oil Plc, a Nigerian indigenous petroleum products marketer and power generating company. 

With this deal, Mercuria enhances its goal of becoming a more vertically integrated business in the Oil trading market and offers Forte Oil access to a global market where its goal is to become a key African player in the energy and power sector. 

Both the Securities & Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) have granted approvals to this landmark transaction which should net Nigerian billionaire, Femi Otedola  about $200 million estimated inflow (SP –N239.99; 52 Wk Range 141.67 – 252.00 @Sept 23, 2015). The stocks sold consist of ordinary shares held by Femi Otedola (direct) and Zenon Oil (indirect).