By Dipo Olowookere
The management of Forte Oil Plc has approached both the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC) to seek approval for raising its proposed fresh N20 billion capital.
Forte Oil’s Group Executive Director in charge of Finance and Risk Management, Mr Julius Babatunde Omodayo-Owotuga, told journalists on Friday at a media parley in Lagos that the oil and gas firm has had interests from foreign investors and now seeks to raise the N20 billion for its expansion plans.
“We would need about N20 billion to expand our operations. We have had interests from some foreign investors and our Group Chief Executive Officer is presently not here because he is having meetings with them.
“However, we have approached SEC and the NSE for their approvals to raise this fresh capital and we are optimistic that our request would be granted by these regulatory bodies,” Mr Omodayo-Owotuga told capital market reporters at the parley.
He also said Forte Oil plans to acquire some firms in the downstream sector to grow its revenue and expand its operations, which he said will result into more value to the company’s shareholders.
Mr Omodayo-Owotuga noted that the firm has mapped out strategies to grow its businesses in the country and as well judiciously utilise proceeds from the fresh N20 billion fund to be raised.
Recall that in November 2016, Forte Oil Plc raised about N9 billion from a bond offering for refinancing its existing short term bank loans and retail outlet expansion.
Adedapo Adesanya