Nigerian billionaire Femi Otedola is gradually making incursions into the energy sector as his Forte Oil 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 had made a 75 per cent 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 planned to upgrade, so as to increase the overall capacity of its plant to 435 MW.

Fifty-three-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 billionairescoreboard.