Nigerian Forte Oil, which owns a power plant and sells gasoline in the country, plans to raise as much as $502m in equity or debt this year as it aims to double profit and expand its activities, Bloomberg reported. It may raise the funds through a rights issue, bond or share offering, or global depository receipts, according to RigZone.
For his side, CFO Julius Omodayo-Owotuga, said in an interview that the company is “already looking at” acquiring retail outlets to boost gasoline sales after a cut in the pump price by the government led to a 27% decline in its revenue in 2015. In addition, the company mulls exploring opportunities in the upstream sector of the oil industry and tap into other viable businesses to bolster its bottom line.
West Africa’s largest petroleum marketing company, which is controlled by Nigerian billionaire Femi Otedola, will seek shareholders’ approval at its annual General Meeting in April.