Forte Oil Plc, a public liability company listed on the Nigerian Stock Exchange (NSE) and an integrated energy service provider, has closed its N9 billion issue.

According to ceoafrica, the paper was the first series of its proposed N50 billion bond issuance programme in which Forte, at the NSE explained that the fund would be used to develop existing commercial bank and expand the company.

Speaking at the board completion meeting, Forte Group Chief Executive Officer, Akin Akinfemiwa, said the raising of the initial capital which has been fully underwritten further manifested the confidence of the investing public in the company as investment choice.

“This bond programme, being the first in the downstream sector, is testament to Forte’s position with the downstream sector and allows the companies to actualise the vision of the board to continue to provide value to its shareholders, regardless of economic climate,” he said.