NSE gains momentum, lists Forte Oil’s N9bn Bond

NSE gains momentum, lists Forte Oil's N9bn Bond
United Bank for Africa


The Nigerian Stock Exchange on Tuesday listed a firmly underwritten N9billion bond for Forte Oil as part of the planned N50 billion bond issuance programme for the leading energy company.

The proceeds of the N9 Billion Series 1, Five Year bond will be deployed to refinance existing short term commercial bank loan obligations and to expand downstream retail outlet footprints amongst others.

According to the firm’s Group Managing Director, Mr. Akin Akinfemiwa, “This bond programme, being the first in the downstream sector, is a testament to Forte Oil’s leading position within the downstream sector”.

United Capital Limited served as the lead Financial Advisor/Issuing House to the transaction, while Boston Advisory Ltd., FBN Capital Ltd., Planet Capital and Vetiva Capital Management were joint Financial Advisors/issuing House.

Speaking on the listing, Executive Director, Capital Market Division of NSE, Haruna Jalo-Waziri said “we are pleased to be a partner to Forte Oil in its quest to expand its franchise by raising fresh capital through bonds.

As the pioneer Exchange, we will continue to provide our issuers with bespoke financing options that will place them in vantage position to compete regionally and globally”. He added.

The year 2017, seem to have started on a busy note for the Exchange with spate of listings on the bourse.

So far, two companies, Medview Airline and Jaiz Bank were listed by introduction, Stanbic IBTC Asset Management Limited listed Pension ETF 40, while Top Services Limited listed a REITs.