Energy conglomerate, Forte Oil Plc, says it will raise additional N20bn equity capital in a bid to further diversify its business and boost shareholders’ fund.
This move, it explained, was part of the N100bn capital raising approved by its shareholders at its Annual General Meeting.
The Executive Director and Group Chief Financial Officer of the company, Mr. Julius Omodayo-Owotuga, confirmed this in Lagos while addressing newsmen.
He said in terms of revenue contribution to the operations in 2016, the upstream business contributed 1.5 per cent; power, nine per cent, and downstream business, 89.9 per cent to the overall operations.
But in terms of gross profit, power contributed 20 per cent, upstream five per cent, and the downstream contributed 75 per cent, he said, adding that the company was looking at further diversifying its operations for increased returns.