Forte Oil Plc said it would raise N50bn debt capital before the end of the year for operations expansion, Daily Trust gathered.
Speaking recently on the ‘Facts Behind the Figures’ presentation of the company, the Group Chief Executive Officer of Forte Oil, Mr Akin Akinfemiwa, confirmed that the company’s was for approval of N50bn debt capital before the end of 2016.
It was also gathered that Flour Mills of Nigeria Plc has approached regulators to raise up to N40bn in equity in three years.
Similarly, the Sterling Bank Plc, Wema Bank Plc and FCMB Plc planned to raise N35bn, N20bn and N15bn fresh capital, respectively.
As part of its efforts to expand its operation base by opening new branch, Wema Bank said it planned to issue N20bn in bonds this month.
The bank was issuing local currency bonds after scrapping plans last year to issue a $100m seven-year dollar bond because of currency risks.
Wema Bank obtained shareholders’ approval in May to issue bonds or preference shares this year to raise N20bn in the first tranche of a N50bn programme, but market conditions, then, deteriorated.
In the same vein, FCMB had planned to raise N10 to N15bn of tier II capital to boost its balance sheet and would target its retail investors for the offering.
The Sterling Bank Plc has disclosed its plans to raise additional N35bn tier II capital by the second half of the year.
Some other companies which have also indicated interest to raise funds included Diamond Bank, Skye Bank and Leventis Nigeria Plc. However, the companies are yet to disclose the amount of capital they intended to raise from the capital market.
