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Forte Oil to change its name to Ardova Plc 

Forte Oil Plc will be getting a new name very soon. This is following shareholders’ resolution to change the oil company’s name to Ardova Plc.

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Olumide Adeosun, Forte Oil Plc, Forte Oil CEO, Olumide Adeosun

Forte Oil Plc will be getting a new name very soon. This is following the shareholders’ resolution to change the name of the oil company to Ardova Plc.

The Details: The company made this disclosure in a notification sent to the Nigerian Stock Exchange (NSE), where it announced its forthcoming Extraordinary General Meeting (EGM), scheduled to hold on Tuesday, December 17, 2019.

The Directors of the company were empowered to draw up, sign documents and appoint advisers regarding the matter where necessary. They were also expected to comply with the directives of regulatory authorities to make the name change possible.

The statement said, “The Shareholders hereby approve that the name of the Company be changed from Forte Oil Plc to Ardova Plc.

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 “The Directors of the Company be and are hereby authorized to approve, sign and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the Directors of the Company in connection with the above resolutions be and are hereby approved.

[READ MORE: Forte Oil to observe closed period of trading]

Closure of Register: In addition, the shareholders intend to close the Register of Members and transfer of Books of the Company from 6th December 2019 to 15th December 2019 for the purpose of attending the meeting.

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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.

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.

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Consumer Goods

Floods disrupt operations in Flour Mills’ Sugar Estate 

Heavy floods at Flour Mills’ Sunti Golden Sugar Estate has disrupted its operations.

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Flour Mills of Nigeria Plc, 2018 FY: Flour Mills’ shareholders unanimously endorse N4.92 billion dividend , FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

Sunti Golden Sugar Estate (SGSE), owned by Flour Mills, has suffered some disruptions to its operations as floodwater breached the Sugar Estate. 

This information was gathered by Nairametrics from a notification sent to the Nigerian Stock Exchange and signed by the Company’s Secretary, Umolu Joseph A. O.  

The largest miller by market capitalization, explains that the floods were as a result of the long rainfalls recorded recently at the northern and central parts of the Niger basin, as the floods were triggered by severe downpours at the Sokoto Rima basin, and as a consequence, the Kainji and Jeba dams witnessed an upsurge in the lateral flow of water. 

The Management stated that SGSE has suffered some disruptions to operations, as the resulting high inflows in the downstream Niger River caused a breach to the extensive and properly designed dyke systems at Sunti Golden Sugar Estates (SGSE). 

This development is expected to delay the expansion project, geared towards increasing the area under cultivation to 4,000 hectares by mid-2021. 

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The Miller assures stakeholders, that there is no immediate threat to the earlier indicated earnings projections of FMN, as immediate safety protocols have been instituted to safeguard employees, property and equipment. Hence the breach is not foreseen to impact the overall performance of the Group. 

The company informs investors and other key stakeholders that the actual state of damage to the current sugarcane crop at Sunti, can only truly be assessed once the floodwater subsides, and ensures that it will release further details in due course as the need arises. 

Shares of Flour Mills at the end of the trading session on Friday closed at N21.50, and this is 6.70% higher than the market opening price for the day, 8.59% higher than the market opening price for the week, and 14.36% higher than the market opening price for the month. While the YTD gains stood at 9.14%. 

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Flour Mills shares are currently trading in the overbought zones, going with the agreement of Technical Momentum  Indicators, like the William Percentage Range, the Relative Strength Index and its stochastic variant, as the shares of the company are driven by strong fundamentals. 

In like manners, the company shares currently trade at 21.15x earnings per share (EPS), and 0.57x book value per share (BVPS), with a Market capitalization of N81.628 billion.  

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Hospitality & Travel

Aviation Unions threaten to shut airspace on Monday, as NLC insists on strike

All aviation workers are directed to withdraw their services at all aerodromes nationwide on 28th September 2020.

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Major aviation unions in Nigeria have threatened to shut the nation’s airspace in support of the Organised Labour nationwide industrial action expected to commence on Monday, September 28, 2020.

The unions are the National Union of Air Transport Employees, National Association of Aircraft Pilots and Engineers, Air Transport Services Senior Staff Association of Nigeria and the Association of Nigeria Aviation Professionals.

This was disclosed by the General Secretary of the National Union of Aviation Employees, Aba Ocheme, in a statement, according to Vanguard.

The unions reportedly asked their members to withdraw services from all aerodromes nationwide indefinitely.

He said, “As such all workers in the aviation sector are hereby directed to withdraw their services at all aerodromes nationwide as from 00hrs of 28th September 2020 until otherwise communicated by the NLC/TUC or our unions. All workers shall comply.”

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Meanwhile, the Nigeria Labour Congress on Friday also insisted that it will go on with its planned mass action scheduled for Monday, September 28.

In a communique by its General Secretary, Comrade Emmanuel Ugboaja, the NLC asked its members across the nation to come out in large numbers to protest the increase in fuel and electricity prices.

The order was given despite a fresh court order obtained by the Federal Government, barring the NLC and the Trade Union Congress from embarking on their planned strike scheduled to commence on Monday.

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Ugboaja explained that the NLC has asked all National Leadership of affiliates in Abuja to mobilise at least 2,000 of their members to Unity Fountain, Abuja for the mass rally which takes off at 7am.

Also, affiliates are expected to mobilise the same number of members to the NLC Sub-Secretariat, 29, Olajuwon Street, Yaba, Lagos, which is the take-off point for the Lagos action at 7am also.

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Business

It would be difficult to find loans to finance rail to Niger Republic – Cheta Nwanze

Finding loans to finance rail to the Niger Republic would be difficult, says Cheta Nwanze.

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It would be difficult to find loans to finance rail to Niger Republic- Cheta Nwanze

Cheta Nwanze, Lead Partner at socioeconomic research firm, SBM Intelligence, says that it would be difficult to find loan financiers for the proposed $1.9 billion rail project from Kano to Maradi in Niger republic.

Cheta, in an interview with Nairametrics on Friday, explained that it appears that Nigeria is more keen on the project than Niger Republic.

Back story: Nairametrics reported this week that the Federal Executive Council has approved the disbursement of $1.96 billion, for the railway line from Kano in Nigeria to Maradi in Niger Republic.

According to the report, the President is also expected to commission the Warri-Itakpe standard gauge rail line, running through Kogi, Edo, and Delta States.

“Nigeria is investing so much in this rail line, given that we are Niger’s 4th largest trading partner,” Cheta said.

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He added that Niger, although being landlocked already, has an existing infrastructure for its imports and export services, which is much better utilized than Nigeria’s export infrastructure.

“The majority of their imports from France, China, and the USA come in via the port of Lome, precisely because the port in Lome works, and the rail link in Togo is much better than ours.

“Nigeria, on the other hand, has let its Apapa port to become a wreck, while transportation between Lagos and Kano/Jibia is a nightmare, if we’re being charitable with words.”

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(READ MORE: Trade and Investments, a way out of Nigeria’s economic troubles – Fola Fagbule)

According to him, with the reality of the Apapa congestion and other factors, finding fund for such project, when debt to service ratio is high and amidst reduced oil revenue, will be difficult.

“With these realities in mind, I find it difficult to imagine who will extend such a loan to Nigeria, especially since, as far as all the information available to me indicates, Niger does not seem as keen on pushing this as Nigeria does,” he added.

However, the media aide to President Buhari, Garba Shehu, disclosed that the Federal Government is not constructing a rail line from Nigeria linking Kano-Dutse-Maradi into the Niger Republic, as it will only stop at the designated border point.

Maradi is 55km from the Katsina border Town of Jibia.

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