One of the quoted companies on the Nigerian Stock Exchange (NSE), Forte Oil Plc, has outlined plans to expand its operations in the West African sub-region, particularly Nigeria, with a view to achieving market dominance, according to the Company’s Group Chief Executive Officer (GCEO), Mr. Akin Akinfemiwa.
“Our immediate strategic initiatives are to further strengthen our corporate Governance structure. This is a subject that will continue to give investors confidence to buy into the company,” Mr. Akinfemiwa told the gathering on the floor of the exchange.
The occasion was the presentation of the ‘Facts Behind The Figures’, an avenue for investors, stock brokers and shareholders to interact and get useful information on the Company’s operation.
“We hope to achieve market dominance through the expansion of retail infrastructure, commercial business and Non-Oil Fuel Revenue (NFR). The expansion is continuous, there is no time base.
”We want to make Forte Oil sales outlet a one-stop shop, where you can enjoy other services such as car wash, buy recharge cards, cell phones and relax all within 3 kilometres radius to each other across Nigeria,” he added.
With a strategic network of 500 retail outlets in 36 states, Forte Oil ‘s downstream petroleum operations extend to Ghana, where its subsidiary maintains significant network of retail outlets.
Mr. Akinfemiwa said the Ghana outlet was part of the regional expansion plans into other West African countries such as Liberia, Sierra Leone and Togo, leveraging Ghana as a hub.
With market capitalisation of US$712 million, as at March, 2014 and a shareholders of 160,000, the largely petroleum products marketing, oil/gas company has diversify into power generation.
It successfully purchased the 414 Mega Watt (MW) Geregu Power Plant, one of the largest of such, located in North-Central Kogi State.
Forte Oil Plc started operation in Nigeria on 11 Dec., 1964, as British Petroleum Nigeria Ltd.
It later became African Petroleum (AP) before adopting the present name.