Photo caption: Oscar N. Onyema, Chief Executive, The Nigerian Stock Exchange (left) in a handshake with Akin Akinfemiwa, Group Chief Executive, Forte Oil Plc and Mrs. Oluwatoyin Sanni, Group Chief Executive, United Capital Plc at the listing of Forte Oil Plc N9 Billion Series 1:5 year fixed rate unsecured bond at the NSE on Tuesday, February 21, 2017.

The Nigerian Stock Exchange has listed a firmly underwritten N9billion bond for Forte Oil as part of the planned N50 billion bond issuance programme for the leading energy company. The proceeds of the N9 Billion Series 1, Five-Year fixed rate unsecured bond at the NSE will be deployed to refinance existing short term commercial bank loan obligations and to expand downstream retail outlet footprints amongst others.
Addressing the capital market community during the event, FO’s Group Managing Director, Akin Akinfemiwa said: “This bond programme, being the first in the downstream sector, is a testament to Forte Oil’s leading position within the downstream sector”.
United Capital Limited served as the lead Financial Advisor/Issuing House to the transaction, while Boston Advisory Ltd., FBN Capital Ltd., Planet Capital and Vetiva Capital Management were joint Financial Advisors/issuing House.
Also speaking on the listing, Haruna Jalo-Waziri, Executive Director, Capital Market Division, NSE, expressed pleasure at partnering “Forte Oil in its quest to expand its franchise by raising fresh capital through bonds. As the pioneer Exchange, we will continue to provide our issuers with bespoke financing options that will place them in vantage position to compete regionally and globally”.
FO’s listing brings to three, the number of listings on the bourse so far, coming after Medview Airline and Jaiz Bank were listed by introduction in quick succession. Also, Stanbic IBTC Asset Management Limited listed Pension ETF 40, while Top Services Limited, also recently listed its Reals Estate Investment Trust (REIT).