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Forte Oil to observe closed period of trading 

Forte Oil Plc has announced that the Board of Directors of the company would hold a meeting slated for December 5, 2019. 

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Olumide Adeosun Forte Oil

Forte Oil Plc has announced that its Board of Directors would hold a meeting on December 5, 2019.

This meeting is in accordance with the post-listing requirements of the Nigerian Stock Exchange (NSE) for quoted companies.

The Details: The meeting was disclosed in a notification sent to the Nigerian bourse. The company also announced that it would observe a closed period of trading from Thursday, November 21, 2019.

Forte Oil, profit, Prudent Energy tenders another take-over offer for Forte Oil, Forte Oil's records 1408% profit growth in nine months 

CEO, Forte Oil Plc, Olumide Adeosun

Forte Oil said that the announcement is in line with rule 17.18: Period of Closure, Rulebook of The Exchange, 2015 (Issuers’ Rules) which states that:

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No Director, person discharging managerial responsibility, employee with sensitive information, adviser, and consultant of the Bank and their connected persons may directly or indirectly deal in the shares of the company until 24 hours after the meeting.”

[READ MORE: Royal Exchange, two others announce their closed period ahead of Q3 financial results]

What is a closed period? A closed period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.

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A look into the company’s financials: Forte Oil’s interim financial statements for the period ended September 30, 2019, shows that it recorded a massive growth in its profit after tax.

Revenue: Forte Oil generated N123.54 billion in revenue as at the end of the nine-month period of 2019 compared to N94.81 billion in revenue as at September 2018. This represented a 30.3% increase.

Profit Before Tax: As at the end of the third quarter of September 2019, Forte Oil recorded N6.53 billion as profit before tax, up from N645.88 million recorded as at the end of the third quarter of September 2018, representing an increase of 912%.

Profit After Tax: The oil firm recorded a profit of N5.25 billion for the nine-month period of 2019, compared to N348.73 million recorded at the end of the nine months period for 2018 which represents a whopping 1408% increase in profit after tax.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

2 Comments

2 Comments

  1. Chinemerm

    November 22, 2019 at 8:48 am

    All the best for you guys

  2. Emma

    November 23, 2019 at 5:13 pm

    All the best

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ENDSARS

#EndSARS: Sanwo-Olu gifts families of slain police officers N10 million each

Governor Sanwo-Olu has compensated the families of slain police officers with the sum of N10 million each.

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Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Executive Governor of Lagos State, Babajide Sanwo-Olu has brought respite to the families of police officers killed during the violence witnessed in the aftermath of the #EndSARS protests.

According to the disclosure on the Twitter page of the Lagos State Government, the families were handed a cheque of N10 million each and the children of the slain officers awarded scholarships by the government.

What they are saying: Commenting on the recent development, a tweet by the Lagos State Government read thus: “Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children.’’

Why this matters: The recent effort by the Governor is in fulfillment of the promise he had earlier made to compensate affected victims of the post-EndSARS protest which led to the loss of lives and valuable properties both in the state and the country at large.

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The compensation will be viewed by serving officers as a motivation, aimed at promoting patriotism, loyalty, commitment and dedication to national service.

What you should know

  • Lagos State Government had earlier set up a N200 million fund for victims of police brutality
  • As a follow-up, Nairametrics had earlier reported that Lagos State Government offered scholarships to children of slain police officers.

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Corporate Press Releases

How digital transformation will impact Nigeria’s projected $8.79 billion economic expansion

Businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

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The Nigerian economy is projected to grow by $8.79 billion in the next three years to 2023, driven largely by the ICT, agriculture, health, finance and insurance sectors, according to a new study by global training providers elev8 and the BusinessDay Research and Intelligence Unit (BRIU).

More than half of the projected growth will come from the ICT sector, as companies continue to create innovative products and services leveraging ICT and telecoms. To take advantage of this growth, however, businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

The research comes off the back of the Covid-19 pandemic, which has laid bare the digital divide, with those businesses having invested sufficiently in their digital capabilities overtaking those firms who failed to do so.

However, this trend of digitally forward businesses outperforming their technology-inferior counterparts isn’t new, the study reveals. Analysis of the data, which went back as far as 1992, showed that the major companies outperforming others in Nigeria are those that spend more on upskilling, research and development, and technology acquisition.

Economic rewards await

In recognition of its benefits, Nigeria has made efforts in the past, and continues to make more efforts at digitalizing its economy. The progress made in Nigeria’s ICT sub sector has had a positive effect on its gross domestic product (GDP). Research shows that the sector’s contribution to GDP has risen from 7.70 percent in 2012 to 14.30 percent by Q2 2020.

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Meanwhile, the Nigerian government’s National Digital Economy Policy and Strategy, launched in 2019, aims to improve digital literacy and skills to build out the country’s digital capabilities.

However, the digital infrastructure readiness in Nigeria is still far below the global average. For this to be upgraded, the current skill set of government employees working in this area will need to be updated. This should warrant the designing of training programs that will help the government raise the level of digital infrastructure in Nigeria in the shortest possible time and at affordable costs.

The high economic rewards from closing the digital skills gap should see this become an even greater priority. If the entire Nigerian economy is digitalized, the country could take a bigger bite of the global digital economy, which is estimated at $11.5 trillion.

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Where digital leaders are made

Global training provider elev8 offers training programs focused on the latest technologies, and is uniquely placed to help businesses and the Nigerian government connect to opportunities as highlighted in the report.

Bringing together renowned industry experts, elev8 offers the flexibility of virtual classrooms or face-to-face programs, depending on what’s best for the organization and its learners.

Taking a holistic approach, power skills like communication, collaboration and analytical thinking are embedded into elev8’s technical training in order to develop well-rounded digital experts who can bring the most value to their employers.

Training methods are practical and action-based – built around projects, tackling real business challenges – enabling learners to put theory into practice from the day one.

No matter the technical need, elev8 can design and implement bespoke solutions tailored to a company’s individual requirements.

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elev8’s global academy equips business leaders, teams and organizations with the skills they need to leverage the technologies of the future and transform Nigeria into a knowledge-based economy.

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To read the report in full, or to discover more about the elev8 training academy, go to www.elev8me.com/en-us/africa.

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Coronavirus

Covid-19: WHO says the promise of vaccine is a game changer

The WHO has stated that the promise of Covid-19 vaccines is phenomenal and potentially game-changing.

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The World Health Organization has said that the promise of Covid-19 vaccines is phenomenal and potentially game-changing.

This disclosure was made by the WHO’s Regional Director for Europe, Hans Kluge, during a press briefing at Copenhagen on Thursday, December 2, 2020, according to a report from Reuters.

Kluge said there are expectations that there would be limited supplies of Covid-19 vaccine supplies at the early stages and as such countries must decide who gets priority.

However, the WHO emphasized that there is a growing consensus among stakeholders that older people, medical workers, and people that share the virus with some other health conditions will be among the first recipients of the vaccine.

What you should know

It can be recalled that yesterday, UK regulator gave its approval to the Covid-19 vaccine, which was developed by Pfizer Inc in collaboration with BioNTech, moving ahead of the rest of the world, including the United States in the race to begin the most crucial mass inoculation programme in history.

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  • This follows the announcement by Pfizer that the vaccine proved 95% effective in a final analysis of clinical-trial data for its phase 3 study.
  • In addition, Biotech firm, Moderna Inc, also announced that its Covid-19 experimental vaccine was 94.5% effective in a preliminary study.
  • The United States and European Union regulators are sifting through the same Pfizer vaccine trial data, but are yet to give their approval.
  • The WHO revealed on Wednesday it had received data from Pfizer and BioNTech on the vaccine and was reviewing it for possible listing for emergency use, a minimum condition for countries to authorize national use.

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