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.
Forte Oil Seeks $503m to Fund Expansion
Comms Week1 Apr 20160 Comments
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…
C
Published by
Comms Week
Trained and practicing journalist passionate about telecommunications, fintech, cybersecurity, and digital economy reporting.
You May Like
Releasing President Tinubu’s Records Can Endanger Lives – FBI
Tinubu Orders Arrest of Nwabueze, Head of Another Fake Agency, Suspension of 3 Perm Secs
How AI, Poor Governance Aid Transnational Scams —UNODC
Access to Equipment, Specialists Key to Survival of Preterm Babies — Haven Pediatric CMD
Shell Reinforces Safety Commitment @ CEO Contractors Forum
