Forte Oil Plc has said it would raise N50 billion debt capital before the end of 2016 financial year.
The Group Chief Executive Officer of Nigeria’s leading oil and gas company, Mr. Akin Akinfemiwa, said the company has completed a capital raising program and that discussion was ongoing with the management of the Nigerian Stock Exchange (NSE).
Forte Oil boss at the company’s ‘Facts Behind the Figures’ on the floor of NSE today, said the company was optimizing and expanding its Geregu Power Plant asset.
Speaking on the company’s strategic focus areas before the end of the year, he said “Forte Oil is to increase supplies of petroleum products imports as full deregulation kicks in and foreign exchange availability increases.”
The company had reported a profit after tax of 23 per cent from N2.5 billion in June 30, 2015 to N3 billion in June 30, 2016.
Picture caption:
Ade Bajomo, Executive Director, Market Operations and Technology, The Nigerian Stock Exchange (NSE); Akin Akinfemiwa, Group Chief Executive Officer, Forte Oil Plc and Bola Adeeko, Head, Corporate Services Division, NSE at the Facts Behind the Figures presentation at the Exchange today.
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