Business

Forte oil set to raise N20billion fresh capital

forte oil

Indigenous oil company, Forte Oil Plc has announced plans to raise the sum of N20 billion from the Nigerian Stock Exchange, NSE, to promote diversification processes.

The company’s Group Executive Director, Finance and Risk Management, Mr Julius Omodayo-Owotuga, revealed that the proceeds from the fund raising exercise would be used to boost overall business operations.

According to him,  the company had the mandate of the shareholders to raise N100 billion fresh capitals.

He stated that the company had been in talks with the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) for the equity raising exercise.

Omodayo-Owotuga said the company had already raised N9 billion through debt capital in 2016, noting that, the capital raising would be in tranches as the need arises.

He said the company was positioning itself on greater profitability with strategies that would yield greater returns, adding that the company had also identified five growth pillars aimed at driving revenues and enhanced value creation for all its stakeholders.

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