Forte Oil Seeks Approval to Acquire Downstream Assets

Image

By Dipo Olowookere

The board of Forte Oil Plc has announced that it would seek for an approval of the company’s shareholder to acquire some downstream assets.

Business Post reports that this authorisation would be sought for at the energy firm’s Annual General Meeting (AGM) slated for next month in Lagos.

In a notice to the Nigerian Stock Exchange (NSE) on Friday, Forte Oil said these assets would be purchased from a company known as Prudent Energy & Services Limited.

Business Post gathered that Mr Abdulwasiu Sowami, who recently acquired Forte Oil from Mr Femi Otedola is the brain behind Prudent Energy & Services Limited. He is currently the Chairman of both Forte Oil and Ignite Investments and Commodities Limited.

In the disclosure, the company said its AGM is scheduled to take place on Tuesday, September 3, 2019 at 10am at Bespoke Event Centre, Lekki-Ajah Expressway, Lagos.

The board said at the gathering, the shareholders would be requested to pass the resolution that “the company enter into discussions with Prudent Energy & Services Limited and or any company or individual(s) representing it in connection with the acquisition of identified downstream assets including but not limited to plant and machinery, trucks, stations and subject to independent valuations on fair value, enter into subsequent binding agreements on comparable arm’s length/commercial terms in relation to the assets to be acquired.”

In addition, they would be expected to give authority to the directors and/or management of the company “to approve, sign and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the directors and/or management of the company in connection with the above resolutions.”

Apart from these, the board would want the shareholders “to renew the general mandate authorizing the company to enter into recurrent transactions which are of a trading nature or those necessary for its day to day operations with related parties or companies in accordance with the rules of the Nigerian Stock Exchange governing transactions with related parties or interested persons.”

The notice further stated that the board would use the opportunity of the AGM to present the company’s financial statements for the year ended December 31, 2018 as well as the report of the auditors and audit committee.

Share
Related Stories
Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

FX Crisis: Nigeria Mulls Ban on Binance, Other Crypto Firms

By Adedapo Adesanya Nigeria is considering blocking the online platforms of Binance and other crypto firms in the latest string of unorthodox measures to address the lingering foreign exchange (FX) crisis in the country, which has made the Naira unattractive to the citizens. According to Premium Times, officials with knowledge of the policy said this is the next card to be played to halt “the continuous manipulation of the forex market and illicit movement of funds.” Binance, a digital assets platform, serves as a window for peer-to-peer (P2P) transactions allowing users to sell or buy currencies of their choice. Business

Image
20-February-2024

Fuel Queues Emerge as FG Fails to Stop NARTO Strike

By Adedapo Adesanya Fuel queues emerged in Lagos as the meeting between the Nigerian Association of Road Transport Owners (NARTO) and officials of the federal government over the suspension of petroleum product loading activities ended in a deadlock on Monday. The meeting held in Abuja yesterday night was attended by the Minister of State Petroleum Resources (Oil), Mr Heineken Lokpobiri, with NARTO, as well as oil marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA). NARTO had in a letter dated February 15, addressed to the General Secretary of the Nigerian Union of Petroleum and Natural Gas (NUPENG)

Image
21-February-2024

Naira Gains at NAFEX as Govt Tries Unorthodox Means to Stabilise FX Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, February 20 as the government and the Central Bank of Nigeria (CBN) applied unorthodox measures to arrest the free fall of the local currency. In the official market yesterday, the Nigerian Naira gained 2.9 per cent or N47.3 on the Dollar to close at N1,551.24/$1, in contrast to the previous day’s N1,598.54/$1. However, the domestic currency lost N92.60 against the British Pound Sterling during the session to quote at N2,023.64/£1 compared with the preceding day’s N1,931.04/£1 and against the

More Stories
Image
15-August-2023

KuCoin App Review: Unveiling the Features and Functionality for Seamless Trading Experience

Having the right platform is paramount for a successful journey in the kaleidoscope of digital trading. Today, we delve into the world of crypto trading apps, spotlighting one piquing significant interest – KuCoin. Traders Union revealed the KuCoin app review. The review offers a magnified look at what this app offers, its pros and cons, and more. By understanding the crucial details of this application, traders can make an informed decision about whether it aligns with their digital asset trading strategies. Traders Union’s revealing KuCoin app review is a trusted resource in this rapidly evolving market. What is KuCoin? According

Image
10-August-2016

PHOTO NEWS: IEDP, BANKSETA at NSE Office

Some members of the International Executive Development Programme (IEDP) were on Wednesday, August 10, 2016, at the office of the Nigerian Stock Exchange (NSE). On ground to receive the team were top shots of the NSE and the Lagos Business School (LBS).

Image
20-January-2017

Ambode Pledges to Construct 181 Roads in 2017

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has promised to consolidate on its administration’s infrastructural renewal drive with the construction of 181 local government roads in the current fiscal year, saying the process for the award of the contract would commence next week. Mr Ambode made this known on Thursday while speaking at the first Quarterly Town Hall Meeting for 2017, the sixth in the series, held at the Ajelogo Housing Scheme, Ajelogo Market Road, Akanimodo, Mile 12. The Governor noted that the 181 roads is an improvement on the 114 roads, two in each local government, which

Image
28-July-2018

NBC Imposes N.5m Fine on Raypower’s ‘Political Platform’

By Dipo Olowookere A fine of N500,000 has been imposed on DAAR Communications, owners of AIT/Raypower over alleged “provocative, inflammatory and divisive comments” made by handlers of one of its programmes, ‘Political Platform,’ which is anchored by Mr Amaechi Anakwe. The fine was imposed on the media giant by the industry’s watchdog, thPolical Platform on Raypowere National Broadcasting Commission (NBC). According to a statement issued by NBC’s Head of Public Affair, Mrs Maimuna Jimada, presenters of the show had allegedly violated provisions of the Nigeria Broadcasting Code consistently. “The Political Platform episode on July 24 was marked by sensational and

Image
30-March-2017

EFCC Arraigns Two, Firm over N735m Subsidy Scam

By Dipo Olowookere The Economic and Financial Crimes Commission (EFCC) on Thursday, March 30, 2017 arraigned the duo of Adegbite Adetoye and Ponnle Abiodun along with Origin Oil and Gas Limited before Justice Silvanus Orji of the FCT High Court Apo, Abuja on an 11-count charge of fraud and abuse of Petroleum Support Fund to the tune of N735 million. Mr Adetoye and his co-accused allegedly conspired and fraudulently obtain the sum of N735 million from the Federal Government as payment for the importation of 15,000mt of premium motor spirit (PMS) which they claim to have purchased from Vitol SA

Image
20-February-2024

Cement Makers Blame High Operating Costs for Hike in Price

By Adedapo Adesanya  Following the meeting between the federal government and cement manufacturers in a bid to stem the hike in price, the manufacturers have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide. The cement makers came to the agreement during a meeting with the federal government officials on Monday in Abuja initiated by the Minister of Works, Mr David Umahi, and was attended by his counterpart from the Ministry of Industry, Trade, and Investment, Mrs Doris Uzoka-Anite. Some of the cement manufacturers present at the crucial

Image
02-October-2019

Revenue: Buhari Orders Agencies to Meet Targets

By Adedapo Adesanya President Muhammadu Buhari, in his determination to ensure his administration achieve macroeconomic stability and economic diversity, has said any revenue generating agency that fails to meet a set target will henceforth suffer the consequences. President Buhari gace this threat during his Independence Day broadcast to the nation in Abuja, the nation’s capital, Abuja, on Tuesday. Some of the revenue-generating agencies that will be under scrutiny include the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Department of Petroleum Resources (DPR) amongst others. “With this, our revenue-generating and reporting agencies will come under much greater scrutiny, going forward,

Image
01-May-2021

Renewed Indian COVID-19 Worries Dampen Oil Prices

By Adedapo Adesanya Oil prices took a beating on Friday, April 30 as previous bullish trends were hammered by concerns of wider coronavirus situations in India and Brazil backed by a decline in crude import in Japan. Brent crude futures closed $1.31 or 1.91 per cent lower to $67.25 per barrel, while the West Texas Intermediate (WTI) crude futures dipped 1.49 or 2.29 per cent to $63.55 per barrel. India, the world’s third-largest oil consumer, is in a deep crisis, with hospitals and morgues overwhelmed as the number of COVID-19 cases continues to set daily records. On Friday, the South

Ad
Ad
Recent Stories
Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

VFD Group Donates Books to Comenius Nursery and Primary School

By Modupe Gbadeyanka About 1,000 copies of Mama’s Sleeping Scarf by renowned Nigerian writer, Ms Chimamanda Ngozi Adichie, have been donated to the pupils of Comenius Nursery and Primary School in the Ikola area of Lagos State. The educational items were given to the elementary school by a leading proprietary investment company, VFD Group Plc, as part of its Corporate Social Responsibility (CSR) initiative. The firm, which is committed to fostering growth across diverse industries in Africa, said the books were donated to promote reading culture among children and inspire young minds to explore limitless possibilities. Mama’s Sleeping Scarf is

Image
21-February-2024

DSS Warns Organised Labour To Shun Planned Protest

By Adedapo Adesanya The Department of State Services (DSS) has urged Nigerians planning to protest next week led by organised labour to halt the idea. According to a statement from the spokesperson of the Nigerian secret police on Wednesday, Mr Peter Afunanya, there were plans by sections of the organised labour to stage protests in parts of the country over sundry economic issues between February 27 and 28, 2024 “While the Service recognises such action as the legitimate right of the labour movement, it, however, urges the body to shelve the plan in the interest of peace and public order,”

Image
21-February-2024

FG Completes $70m Yearly Concessionaire of Zungeru Plant to Penstock

By Adedapo Adesanya The federal government has completed the transfer of the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Limited, in a move that will see the country earn $70 million yearly from the deal. The Vice President, Mr Kashim Shettima, confirmed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. A concession is a kind of partnership between the public sector and often private companies that have shown its added value in a specific area, for example developing infrastructure. The