Shareholders approve Forte oil restructuring plans

Shareholders of Forte Oil Plc have approved the company’s plan to restructure its business operations.

At the 39th Annual General Meeting (AGM) in Lagos, shareholders gave their nod to the board of the company to sell its stakes in Forte Upstream Services Limited, Amperion Power Distribution Limited, and AP Oil & Gas Ghana Limited.

The shareholders, however, mandated the board of directors to invest the net proceeds from the divestments in the downstream marketing business.

Recall that it was earlier reported that the oil company plans to strategically focus more on its core operations in Nigeria which is fuel distribution.

Akin Akinfemiwa Group Chief Executive Officer, Forte Oil, noted that 2017 was a tough business year also added that the company took the decision to prioritize its shareholders’ value.

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