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Forte Oil Plans To Boost Operations With Additional Capital

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Plc is planning to inject fresh capital into it’s operations soon. Speaking during a ‘Facts Behind the Figures ‘ presentation at the Nigerian Stock Exchange in Lagos on Monday, The Group Manging Director, Mr Akin Akinfenwa said the company will strenghten its operation through the injection of additional capital in the next few weeks.

Mr Akinfenwa said, “There is an ongoing plan and commitment with potential investors to inject additional capital through debt or equity within the next few weeks. This, we believe, will significantly impact our negative working capital and also shore up our shareholders funds.”

During the event, he assured stakeholders that bu focusing on products such as lubricants and the addition of 21 megawatts to the Geregu power plant, the company’s revenue base would be diversified for greater returns. He also said plans had been concluded to diversify into the upstream sector through profitable aquisition of upstream assets. The company would also boost its partnership with quick service restaurants, financial institutions and telecommunications firms.

Meanwhile, Forte Oil had recorded decline in revenue and profit in the first half of the year. While revenue fell by 23 per cent from 79.6bn to N61.17bn, profit before tax dropped to N3.26bn in the six-month ended June 30, 2015. Profit after tax was down by 19 percent to N2.53bn from N3.13bn.

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Farouk Mohammed

Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 5 years and focused more on Local/World News on Okay.ng

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