Forte Oil PLC

Forte Oil PLC
Public
Traded as NSE: Forte_Oil_PLC
(Formerly African Petroleum PLC)
Founded 1964 (British Petroleum Nigeria Limited)
Headquarters Victoria Island, Lagos, Nigeria
Area served
 West Africa
Key people
 Femi Otedola (Chairman)
Akin Akinfemiwa (Group Chief Executive Officer)
Julius Omodayo-Owotuga (Group Chief Financial Officer) Francis Oladayo Williams (Legal Adviser)
Products Petroleum products
Fuel Oils
Jet A-1 fuel
Lubricants
Revenue Increase ₦92 billion (Third Quarter 2013)
Increase ₦3.2 billion (Third Quarter 2013)
Total assets Increase ₦77,652,456,021.64 (2013)
Total equity ₦123,638,117,874.60 (As at November 27, 2013)
Number of employees
 485
Website www.forteoilplc.com

Forte Oil PLC is an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana. It operates majorly in the downstream sector of the Nigeria’s Oil and Gas industry, but has diversified its businesses into other sectors of the energy value chain. The downstream division specializes in the distribution of a wide range of petroleum products; Premium Motor Spirit (PMS), diesel, aviation fuel, kerosene, as well as a range of lubricants for various automobiles and machines; distributed mostly to the automobile, industrial, aviation and marine markets.

Forte Oil also has a subsidiary, which specializes in the supply of Well Production Chemicals and Drilling/Completion Fluids to the Upstream Sector of the Oil and Gas Industry. It continues to pursue aggressive diversification into related high margin businesses, a strategy that has been buoyed by the recent acquisition of the 414 megawatts (MW) Geregu Power Generation Plant located in Kogi State of Nigeria in a government-led privatisation of power assets.

History

Forte Oil PLC (formerly African Petroleum) was incorporated on December 11, 1964. After 14 years in operation, the company changed its status from a private limited liability company to a public liability company. In compliance with the provisions of the Nigerian Enterprises Promotion Decree of 1977, 40% of the company’s shares were sold to Nigerians and a year later, 60% was acquired by the Federal Government of Nigeria in favour of the Nigerian National Petroleum Corporation (NNPC) from British Petroleum. In November 1979 its name was changed to African Petroleum PLC. NNPC’s stake in AP was reduced by 20% in March 1989 after the Federal Government sold the above percentage to Nigerian Citizens, increasing their stake from 40% to 60%. In the year 2000, the Federal Government under its privatization programme divested its remaining 40% to core investors and interested Nigerians.

In May 2007, the shareholding structure took another dimension as Incorporated Trustees of NNPC’s Pension Fund divested its stake to Zenon Petroleum & Gas Limited, owned by Femi Otedola, making it the majority shareholder in the company. As a result, Mr. Otedola and his affiliated entities became the core investor in the company.

Under the new management, African Petroleum embarked on a rebranding and restructuring programme which led to a name change to Forte Oil PLC in December, 2010, and a rebranding of the retail outlets spread across the across the country.

In 2013 the company purchased a controlling stake in the 414 MW Power plant under a government-led privatisation programme in the power industry under the leadership of Goodluck Jonathan.

In 2015 they signed an $83 million contract with Siemens to upgrade the 414 MW plant, the work is due to be completed in 2016[1]

Operations overview

Forte Oil operates a network of 500 retail outlets spread across the Country with major fuel storage installations at both Apapa (Lagos State) and Onne (Rivers State), an aviation joint users hydrant in Lagos, and joint aviation depots in Abuja, Port Harcourt and Kano, serving the aviation industry.

With presence in the 36 states of Nigeria and Abuja and a spread of retail outlets in Ghana, the Company markets premium motor spirit (PMS), automotive motor oil (Diesel), dual purpose kero (DPK), fuel oils and Jet A-1 fuel amongst others. It also manufactures and distributes a range of lubricants, some of which include Synth 10000, Super V, Visco 2000 etc. at its lubricating oil blending plant at Apapa, Lagos Nigeria.

The Company also provides well production chemicals and drilling fluids to Nigeria’s petroleum upstream operators; and recently took full operational control of the 414MW Geregu Power Plant as it moves to carve a niche for itself in the Nigeria’s power generation sector.

Subsidiaries

Although Forte Oil operates majorly in the downstream sector of the Oil and Gas industry, it has diversified its business operations through the following subsidiaries:

  • AP Oil & Field Services Limited (APOS) : [AP Oil Field Services Limited] (APOS) specializes in the supply of Well Production Chemicals and Drilling/Completion Fluids to the Upstream Sector of the Oil and Gas Industry.
  • AP Oil & Gas Ghana limited (APOG) : [AP Oil and Gas Ghana Limited] (APOG) commenced operations in July 2008 with a single outlet and a few industrial customers in a bid to build a transnational oil company. Today APOG has grown to viable energy company with its head office within the Accra Business District and a network of retail outletts.
  • Ameperion Power Distribution Company Limited : [Amperion Power Distribution Company Limited] (Amperion Power) is the power generation arm of Forte Oil PLC which acquired a majority stake in the 414MW Geregu Power plant located in Kogi State of Nigeria, under the government-led privatization programme in the power sector.

Board of directors

As of December 2015, Forte Oil's directors include:

  • Femi Otedola, CON - Group Chairman
  • Akin Akinfemiwa - Group Chief Executive Officer
  • Julius B. Omodayo-Owotuga - Group Chief Financial Officer
  • Grace C. Ekpenyong - Director
  • Layi Bolodeoku - Director
  • Christopher Adeyemi - Director
  • Deacon Philip M. Akinola - Director
  • Anil Dua - Director
  • Akinleye Olagbende - General Counsel/CCO

References

  1. ↑ http://www.forbes.com/sites/mfonobongnsehe/2015/06/30/nigerian-billionaire-femi-otedolas-forte-oil-signs-83-million-contract-with-siemens/

External links

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