Forte Oil to Raise NGN50 Billion Via Debt Market

Forte Oil to Raise NGN50 Billion Via Debt Market

The demand for more liquidity in the balance sheets of most companies is already. Forte Oil PLC, has indicated that it will be raising NGN50 billion via debt market.

The company will be leveraging on the local debt market in the second half of the year to get the funds. Forte said the move is to fund its expansion programme going forward.

Forte Oil said it is aiming to grow its profit before tax, PBT to NGNN11 billion by the end of 2016

Akin Akinfemiwa, Group CEO, , said the capital raising exercise would be in phases, with the company raising a maximum of N15 billion in the first phase.

He said it initiated talks with the NSE management on the matter.

In its 2016 half year result, gross revenue rose to NGN84 billion versus NGN61 billion recorded last year.

 

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