Looks like Nigerian billionaire, Femi Otedola is looking to move up higher on the Forbes list of richest men. His company Forte Oil which happens to be West Africa’s largest petroleum marketing company, plans to raise up more than $500 million to expand its business across Nigeria.
According to the company’s chief compliance officer, Akinleye Olagbende, as revealed in a statement issued to journalists on Thursday the 31st of march, the oil marketing giant may raise funds through a rights issue, bond or share offering, or global depository receipts. He added that Forte Oil will seek shareholder approval for the fundraising exercise at its annual general meeting which will hold in Lagos on April 26, 2016.
“The capital raising is part of our preparations to take advantage of opportunities in the economy,” he said.
He went on to say that said that the company plans to expand beyond its petroleum marketing and power generation businesses and is exploring new opportunities in the upstream sector of the oil industry and in other businesses in the energy value chain.
Forte Oil, a Nigerian subsidiary of British Petroleum (BP), has more than 500 gas stations all over the country. It manufactures its own line of engine oils and owns it own virus checks oil storage depots . The company made a foray into power generation in 2013 when Otedola led the company to purchase a government-owned stake in a gas-fired power plant in Kogi state in central Nigeria. In January, Forte Oil reported a profit before tax of $35 million for its 2015 financial year compared with less than $30 million the previous year.
53-year-old Femi Otedola, is the chairman and he is controlling shareholder of Forte Oil. Presently, Otedola has a net worth of $1.6 billion as revealed by FORBES in it Realtime billionaire scoreboard.