Forte Oil moves to raise N20bn fresh capital

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As part of its strategy to raise N20 billion fresh capital drive for the expansion of its operations, Forte Oil Plc has embarked on a road show across the globe to attract foreign investors.

This was disclosed in the weekend by Julius Omodayo-Owotuga, Group Executive Director, Finance and Risk Management of the company.

He said there were lots of foreign interest in the shares of Forte Oil Plc which he attributed to the company’s diversification strategy; operating in the downstream, upstream and power sectors of the Nigerian economy.

He disclosed that the oil marketing firm had approached the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to seek approval for the proposed N20 billion fresh fund raising.

An analysis of the 2016 performance in terms of revenue contribution to the operations of the company saw the upstream business contribute 1.5 percent, power nine per cent and the downstream 89.9 per cent.

However, In terms of gross profit, power contributed 20 per cent, upstream five per cent and the downstream contributed 75 per cent.

Omodayo-Owotuga further disclosed that Forte Oil’s future plans were geared towards five pillars to grow revenue and add value to its shareholders.

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