Nigeria's Forte Oil to Raise up to $503M to Fund Expansion


LAGOS, March 31 (Reuters) - Nigeria's Forte Oil said it plans to raise up to 100 billion naira ($503 million) to expand its operations in the country, Africa's biggest economy, and will seek shareholder approval at its annual general meeting on April 26.

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

"The capital raising is part of our preparations to take advantage of opportunities in the economy," Akinleye Olagbende, Forte Oil's chief compliance officer, told Reuters.

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.

(Reporting by Oludare Mayowa; Editing by Nerys Avery)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Lead Scheduler (Houston, TX)
Expertise: Civil Construction|Planner / Scheduler|Project Controls
Location: Houston, TX
Senior Accountant
Expertise: Accounting
Location: Chantilly
Billing Specialist | Full-Time | Houston, TX | Immediately
Expertise: Accounting|IT - SAP / ERP|Payroll
Location: Houston, TX
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours