Forte Oil To Seek Approval to Raise $503m

Nigeria’s Forte Oil has revealed plans to seek approval of its shareholders at the April 26 annual general meeting to raise up to 100 billion naira ($503 million) for the expansion its operations within the country.

In a statement issued on Thursday, the company revealed that it might choose to raise the funds through a rights issue, bond or share offering, or global depository receipts.

“The capital raising is part of our preparations to take advantage of opportunities in the economy,” Akinleye Olagbende, Forte Oil’s chief compliance officer.

Olagbende said the company could explore opportunities in the upstream sector of the oil industry and tap into other viable businesses to bolster its bottom line.

Forte Oil Plc Group Chief Executive Officer, Akin Akinfemiwa was recently elected Chairman of the Major Oil Marketers Association of Nigeria (MOMAN).

MOMAN, is the umbrella body of the major oil marketing companies in the country which comprises of Mobil Oil, Conoil, Forte Oil, Oando, and Total Oil.

Mr Akinfemiwa he took over from Wale Tinubu, CEO of OandO.

The company in January announced a rise of its profit before tax from 7.02 billion naira for the 2015 financial year end compared to 6.01 billion naira it recorded the previous year.


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