Forte Oil Plc is set to raise a N50 billion debt capital before the end of the 2016 financial year.
The Group Chief Executive Officer of the oil and gas company, Mr. Akin Akinfemiwa, said the company had completed a capital raising programme and that discussion was ongoing with the management of the Nigerian Stock Exchange.
Speaking at the company’s ‘Facts Behind the Figures’ on the floor of the NSE, Forte Oil boss said the company was optimising and expanding its Geregu Power Plant asset.
On the company’s strategic focus areas before the end of the year, he said, “Forte Oil is to increase supplies of petroleum products imports as full deregulation kicks in and foreign exchange availability increases.”
The company had reported a profit after tax of 23 per cent from N2.5 billion as of June 30, 2015 to N3 billion as of June 30, 2016.
