Business

Forte Oil Unveils Business Strategies

Published

10 years ago

August 5, 2015

President Muhammadu Buhari (right), in a handshake with the Registrar, Council of Nigerian Mining Engineers and Geoscientists, Mr Bello Baguje, after his meeting with officials of the Ministry of Solid Mineral Development at the Presidential Villa in Abuja, yesterday

Forte Oil Plc has unveiled key business strategies aimed at boosting the company’s revenue and shareholders’ value in 2015 financial year.
The company’s Group Managing Director, Mr. Akin Akinfemiwa disclosed this at the company’s “Facts behind the Figures’’ at the Nigerian Stock Exchange (NSE) in Lagos on Monday.
Akinfemiwa said that the company would improve its operating margins and diversify revenue base.
According to him, this is by focussing on high margin products such as lubricants and expanding the Geregu Power Plant assets with additional 21 mega watts.
He said that the Geregu power plant added 56 per cent to the company’s profit before tax.
Akinfemiwa said that the company would raise additional capital to shore up the company’s shareholders’ funds.
“There is an ongoing plan and commitment with potential investors to inject additional capital through debt or equity within the next few weeks.
This, we believe would significantly impact on our negative working capital and also shore up our shareholders funds,” he said.
Akinfemiwa explained that the company had concluded arrangement to diversify into the upstream space through profitable acquisition of upstream assets.
He said that the company would diversify into the upstream space through profitable of upstream assets and harness partnerships with quick service restaurants, financial institutions and telecommunications firms.
Akinfemiwa said the company had entered into strategic partnership with technical partners to participate in the proposed Federal Government sale of marginal oil fields and divestment of International Oil Companies (IOC) investment in local oil blocks.
He explained that the company would optimise opportunities from its real sector assets to grow complimentary businesses which would ultimately increase its bottom line.
According to him, the company intends to optimise its distribution channel through focusing on retail network optimisation and strategic acquisition of prime retail sites.
He said that the company would pursue a merger and acquisition with partners with same similarities with the company’s corporate governance strategy.
Akinfemiwa said the company was discussing with a number of foreign investors to inject new capital, adding that the company would select people with similarities in corporate governance.
“The company for the half year ended June 30, 2015 posted revenue of N61.17 billion against N79.61 billion recorded in the preceding period of 2014, a decrease of 23 per cent.
“Profit before tax stood at N3.26 billion compared with N4.19 billion achieved in 2014, representing a decrease of 22 per cent.
“Its profit after tax dropped by 19 per cent to N2.53 billion against N3.13 billion posted in the comparative period of 2014,’’ he said.

Business

NPA Assures On Staff Welfare

Published

2 days ago

June 27, 2025

The Tide

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure and equipment modernization drive with the development of the welfare of its personnel.

Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the clearing of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.

A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying, “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.

The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.

“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”

Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.

“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.

Speaking on behalf of the joint maritime labour unions, the President of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”

Nkpemenyie Mcdominic, Lagos

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

2 days ago

June 27, 2025

The Tide

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).

The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.

Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.

Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.

The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.

The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.

The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.

Nkpemenyie Mcdominic, Lagos

Business

NSC, Police Boost Partnership On Port Enforcement

Published

2 days ago

June 27, 2025

The Tide

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).

The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.

Executive Secretary/Chief Executive Officer of NSC, Dr. Pius Akutah, made this known during a visit to the Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.

The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.

Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.

He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.

“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.

Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.

The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.

“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.

Chinedu Wosu