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Forte Oil Plc yesterday introduced its own brand of alternative energy solutions to the Nigerian market. Forte Oil’s Group Chief Executive Officer (GCEO) Akin Akinfemiwa in an exclusive tweet chat with Nairametrics held in June had stated that the oil major was coming out with its own energy solutions. Chairman of the company, Femi Otedola also hinted at this in an interview with Forbes Africa in July last year. Total, another oil giant had recently launched its own brand of energy solutions in conjunction with Blackbit Energy Limited.

Details of the solutions

The solar panel costs N1.5 milllion but is being sold at N700,000. Further discounts will also be given for bulk purchases. The solar energy solution comes with four panels, four 100 amps and 12 volts batteries. The solar panels have a warranty of one year and are billed to last between 4-5 years. The solar panels can last up to 12 hours.

About Forte Oil Plc

Forte oil was incorporated on 11 December 1964 as British Petroleum . It became African Petroleum through the indigenization policy of the Federal Government in 1979. The company changed its name to Forte Oil in December 2010 following restructuring and rebranding. In addition to its upstream and downstream operations, Forte also holds a stake in the Geregu power station.

Financial statements for the 9 month period ended September 2017 show turnover fell from N121 billion in 2016 to N92 billion in 2017. Profit before tax also fell from N5.6 billion in 2016 to N5.5 billion in 2017. Profit after tax however increased from N2.7 billion in 2016 to N5.0 billion in 2017.

Forte Oil Plc shares closed at at N43.23 in today’s session on the Nigerian Stock Exchange. Year to date, the shares are down 46.71%. The company had recently suspended in a planned equity raise. Forte attributes the suspension to a planned corporate restructuring that would be beneficial to stakeholders.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com


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