Tag Archives: Forte Oil

Nigerian billionaire businessman, Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings in Forte Oil. This was revealed by the Nigerian Stock Exchange in a statement on its website on Monday. The statement was signed and made available to reporters by Akinleye Olagbende, the  General Counsel of the company. The statement entitled ‘notification of divestment by the …

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Shareholders of Forte Oil Plc, on Wednesday May 23, 2018, approved the board of directors’ request to divest its upstream services business, power generating business and its downstream business in Ghana. The shareholders gave the approver at the company 39th Annual General Meeting (AGM) in Lagos. The three businesses are, Forte Upstream Services Limited, Amperion Power Distribution Limited and AP Oil …

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Forte Oil has said it plans to sell its upstream services and power businesses in Nigeria and divest from Ghana to focus on its core fuel distribution operation at home, according to a report by Reuters on Wednesday. The move comes as a surprise about-turn for a company, whose Chief Executive, Akin Akinfemiwa, told investors in Lagos in August that he wanted …

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In recognition of its prowess in the downstream sector in the domestic economy, Forte Oil Plc has exclusively obtained the right to distribute Chevron’s Havoline Motor Oil. The company made this disclosure to the Nigerian Stock Exchange (NSE) on Tuesday, even as marketing of the product is expected to commence from 25th April 2018 and officially launched on 10 May, …

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Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017. The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the corresponding period of 2016. Also, profit …

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Forte Oil Plc has assured the investing public of increase in Return on Investment (ROI, just as it said that it will continue to maintain its policy on consistent dividend payment. The company said it is determined to further enhance and improve its operating margins, diversify revenue base, as well as pursue focused mergers and acquisitions, and also leverage on …

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Leading investment adviser in the domestic economy, Meristem Securities Ltd on Tuesday upgraded the recommendation on Forte Oil Plc to buy from hold. Meristem Securities raised the target price to N77.41 from N64.09, implying a 68 percent increase from the last close. The target matches the consensus average of N77.41. According report made available to Bloomberg, Meristem Securities had before …

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Determined to maintain its strategic growth drive, which has started to yield positive results, Forte Oil Plc has disclosed plans to raise N20 billion capital by way of equity out of the N100 billion approved by the shareholders at its Annual General Meeting, AGM. According to the Executive Director and Group Chief Financial Officer, Mr. Julius Omodayo-Owotuga, who announced this to …

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From Left: Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Akin Akinfemiwa, Group Chief Executive Officer, Forte Oil Plc and Oluwatoyin Sanni, Group Chief Executive Officer, United Capital Plc at the listing of Forte Oil Plc N9 Billion Series 1:5 year fixed rate unsecured bond at the NSE yesterday.

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The harsh economic realities is beginning to take its tolls on the country’s indigenous oil and gas marketing company, as Forte Oil Plc on Tuesday reported a decline in its full year profit after tax for the period ended December 31, 2016. Specifically, the company results showed 50.1 percent drop from N5.794 billion that was reported in 2015 to N2.890 …

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