Forte Oil to raise N100Billion for expansion

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Forte Oil company is planning to raise about 100 billion naira ($503 million) to expand its operations in the country, and will seek shareholder approval at its annual general meeting this April .

The company may raise the funds through a rights issue, bond or share offering, or global depository receipts, according to a statement issued by the company.

“The capital raising is part of our preparations to take advantage of opportunities in the economy,” said 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.

In January, Forte Oil reported a profit before tax of 7.02 billion naira for its 2015 financial year compared with 6.01 billion naira the previous year.

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