Forte oil plc is a leading indigenous major marketer of refined petroleum products with presence across Nigeria and some West African countries.
Forte Oil operates a network of 500 retail outlets spread across the Country with major fuel storage installations at both Apapa (Lagos State) and Onne (Rivers State), an aviation joint users hydrant in Lagos, and joint aviation depots in Abuja, Port Harcourt and Kano, serving the aviation industry.
The company had operational presence in the 36 states of Nigeria and Abuja and a spread of 8 retail outlets in Ghana. Forte oil markets premium motor spirit (PMS), automotive motor oil (Diesel), dual purpose kero (DPK), fuel oils and Jet A-1 fuel amongst others. It also manufactures and distributes a range of lubricants, some of which include Synth 10000, Super V, Visco 2000 etc. at its lubricating oil blending plant at Apapa, Lagos Nigeria.
Forte Oil also has a subsidiary, which specializes in the supply of Well Production Chemicals and Drilling/Completion Fluids to the Upstream Sector of the Oil and Gas Industry. It continues to pursue aggressive diversification into related high margin businesses, a strategy that has been buoyed by the recent acquisition of the 414 megawatts (MW) Geregu Power Generation Plant located in Kogi State of Nigeria in a government-led privatisation of power assets. This is in order to carve a niche for itself in the power generation sector. According to Forte oil, ‘this is also a demonstration of the company’s commitment to help bridge the current power deficit in Nigeria and help actualize the expectations that Nigerians have of the power sector’. The company recently signed an 83$ million contract with Siemens to upgrade the 414 MW plant, the work is due to be completed in 2016.
The board of the company took a bold step to refocus the company; launched a transformation programme and by 2013, two year into its three-year reform calendar, Forte Oil is showing signs of market dominance.
It has regained market share in the downstream sector moving from the bottom position amongst the major marketers of petroleum products to the top three by the end of 2013
All these made Forte oil to emerged as the overall best investment stock in the year 2013. The company recorded absolute gain per share of 1164.55 percent, compared with its previous close in 2012
Forte Oil PLC (formerly African Petroleum) was incorporated on December 11, 1964. After 14 years in operation, the company changed its status from a private limited liability company to a public liability company. In compliance with the provisions of the Nigerian Enterprises Promotion Decree of 1977, 40% of the company’s shares were sold to Nigerians and a year later, 60% was acquired by the Federal Government of Nigeria.
In the year 2000, the Federal Government under its privatization programme divested its remaining 40% to core investors and interested Nigerians.
In May 2007, the shareholding structure took another dimension as Incorporated Trustees of NNPC’s Pension Fund divested its stake to Zenon Petroleum & Gas Limited, owned by Mr. Femi Otedola, making it the majority shareholder in the company. As a result, Mr. Otedola and his affiliated entities became the core investor in the company.
The company thereafter rebranded and changed its name to Forte Oil PLC in December, 2010.
Forte oil is one of the 50 top brands that Nigeria
