VENTURES AFRICA – Nigerian petroleum product marketing company, Forte Oil Plc (formerly African Petroleum Plc), has revealed to ensure enhanced returns for its shareholders and stakeholders in the years ahead.
Acting Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa, while forecasting stressed that he was optimistic that its strategies would sustain the drive to put the petroluem marketer a sound footing.
Akinfemiwa. while discussing with capital market reporters hinged the company’s optimism on brighter prospects anticipated in the downstream sector, affirming that the company’s half year operating profit would hit a new high even as sales continued to improve.
He said that 2012 was a year of recovery for the company adding that the company’s half year profit before taxation has been projected at about N1billion ($6.4m) considering the company’s first quarter performance. He also indicated that the company had put in place measures to reward its stakeholder
According to Akinfemiwa, Forte Oil recently carried out a complete restructure of its businesses with the objectives of transforming it into a lean, talent based and technology driven organisation that will be more responsive to the needs of its customers.
A part of this step involved a pay-out of about N8 billion ($51m) as severance package, he added.
“As part of its now improved operational efficiency; controls have been improved across business lines, stronger corporate governance and compliance are being ensured at all levels as well as the introduction of the foremost business enterprise solution-SAP and the implementation of the International Financial Reporting Standard (IFRS) compliant financial reporting firework.”
Forte’s CEO also hinted on the rebranding effort of the company disclosing the company’s rebranding initiatve at retail outlet across the country.
Forte Oil Plc, he noted, was confident its efforts would in no time, translate to strong market dominance in and thereon strong and sustainable profitability and robust returns to our shareholders.
Forte Oil is owned by Nigerian billionaire businessman Femi Otedola.