Home Business Forte Oil to Raise N50billion Debt Capital

Forte Oil to Raise N50billion Debt Capital

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Nigerian indigenous upstream and downstream player Forte Oil Plc has said it will raise N50 billion debt capital before the end of 2016 financial year.
Group Chief Executive Officer of the oil and gas company, Mr. Akin Akinfemiwa, said the company had completed a capital raising program and discussion was ongoing with the management of the Nigerian Stock Exchange (NSE).
 he Group Chief Financial Officer of the company, Julius Omodayo Owotuga, while speaking on the debt capital explained that they intended to carry it out in tranches, which may be between 10 billion or 15 billion.
With the hope to raise equity capital in the nearest future. Forte Oil boss at the company’s ‘Facts Behind the Figures’ on the floor of NSE on Monday, 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 product imports as full deregulation kicks in and foreign exchange availability increase.
“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.
According to Akinfemiwa, the power business contributed 5 percent to revenue and 15 percent to profit before tax as a result of low generation due to ongoing major overhaul project and gas supply constraints due to security challenges in the Niger Delta region.
Going forward, the management plans to aggressively follow up on upcoming business opportunities toward ensuring a positive outcome.
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