Forte Oil PLC

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Forte Oil PLC
Public
Traded asNSEForte_Oil_PLC
(Formerly African Petroleum PLC)
IndustryOil and Gas; Power
Founded1964 (British Petroleum Nigeria Limited)
Headquarters,
Area served
West Africa
Key people
Femi Otedola (Chairman)
Akin Akinfemiwa (Group Chief Executive Officer)
Julius Omodayo-Owotuga (Group Chief Financial Officer) Akinleye Olagbende (Legal Adviser)
ProductsPetroleum products
Fuel Oils
Jet A-1 fuel
Lubricants
Gas cylinder
RevenueIncrease 96.8 billion (Third Quarter 2017)
Increase 9.7 billion (Third Quarter 2017)
Number of employees
405
Websitewww.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. However, A major overhaul of the plant commenced in 2015 and was completed in 2016, increasing the combined capacity to 435MW.

The Company has introduced a digital platform to enhance the customer's experience with the development of an e-commerce site (www.foquick.com), the implementation of a mobile application (FO App) and the modification of the FO advantage card under the customer loyalty and reward program. All aimed at ensuring prompt, reliable and convenient customer service experience. The Company also provides FO Gas (bulk & retail) FO Gas cylinder and FO Solar home solutions.

History[edit]

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 Geregu Power plant under a government-led privatisation programme in the power industry under the leadership of Goodluck Jonathan. Geregu Power Plant was commissioned in 2007 with three Siemens V94.2 open cycle gas turbine power generation units, namely GT11, GT12, and GT13, with an initial combined installed capacity of 414MW. A major overhaul of the plant commenced in 2015 and was completed in 2016, increasing the combined capacity to 435MW.

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[edit]

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 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 through its upstream services subsidiary, Forte Upstream Services.

Geregu Power Plant was commissioned in 2007 with three Siemens V94.2 open cycle gas turbine power generation units, namely GT11, GT12, and GT13, with an initial combined installed capacity of 414MW. A major overhaul of the plant commenced in 2015 and was completed in 2016, increasing the combined capacity to 435MW.

The Company has introduced a digital platform to enhance the customer's experience with the development of an e-commerce site (www.foquick.com), the implementation of a mobile application (FO App) and the modification of the FO advantage card under the customer loyalty and reward program. All aimed at ensuring prompt, reliable and convenient customer service experience. The Company also provides FO Gas (bulk & retail) FO Gas cylinder and FO Solar home solutions.

Subsidiaries[edit]

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:

  • Forte Upstream Services (FUS) : [Forte Upstream Services] (FUS) 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 and is the majority owner of the 435MW power plant in Geregu. Amperion is made up of Forte Oil, BSG Power limited and Shangai Municipal Electric Power Company.

Board of directors[edit]

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
  • Anil Dua - Director
  • Salamatu Hussaini Suleiman - Director
  • Christopher Adeyemi - Director
  • Dr. Mairo Mandara - Director
  • Nicolaas A. Vervelde - Director
  • Akinleye Olagbende - General Counsel

References[edit]

  1. ^ Nsehe, Mfonobong. "Nigerian Billionaire Femi Otedola's Forte Oil Signs $83 Million Contract With Siemens". Forbes. Retrieved 2017-08-29.

External links[edit]