Nigerian Stock Exchange lists Forte Oil’s N9 billion bond

The Nigerian Stock Exchange, NSE, has listed an underwritten N9 billion bond for Forte Oil as part of the planned N50 billion bond issuance programme for the energy company.

A statement released on Tuesday by Joseph Kadiri, NSE’s media adviser, said the proceeds of the N9 billion Series 1 Five Year bond will be deployed to refinance existing short term commercial bank loan obligations.

It would also be used to expand the company’s downstream retail outlet footprints amongst others, Mr. Kadiri added.

On his part, the Group Managing Director of the company, 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.

Speaking on the listing, Haruna Jalo-Waziri, Executive Director, Capital Market Division, NSE said the exchange is pleased to partner with the energy company.

“We are pleased to be a partner to Forte Oil in its quest to expand its franchise by raising fresh capital through bonds,” Mr. Jalo-waziri said.

“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”.

Earlier, two companies, Medview Airline and Jaiz Bank, were listed by introduction; Stanbic IBTC Asset Management Limited equally listed Pension ETF 40; while Top Services Limited listed a REITs.