Forte Oil Lists N9.0bn Bond on FMDQ OTC Exchange

The FMDQ OTC Securities Exchange has listed N9.0 billion Forte Oil Plc Bond (Series 1 under a N50.00 billion Medium-Term Bond Programme). The fixed income securities and debt exchange said this listing, which is the first corporate debt listing in 2017, attested to the largely untapped potential of the Nigerian debt capital market (DCM), which from inception, FMDQ has, through its systems and other relevant market infrastructures, committed to making globally competitive, liquid, operationally excellent and diverse(GOLD).

According to the exchange, as part of its commitment to continually deliver exceptional value to the Nigerian financial markets and its stakeholders, it demonstrated its steadfastness as it again achieved swift time to market in the listing process.

The admittance of the Forte Oil Plc bond for listing on the OTC Exchange, which was granted by the FMDQ Board Listings, Markets and Technology Committee, will be followed by a prestigious listing ceremony at the OTC Exchange in the coming weeks to commemorate this laudable achievement in honour of the issuer, Forte Oil Plc,” it said.

As the debt capital-focused OTC securities exchange in Nigeria, the exchange said it has continued to align its strategies and innovation to serve and provide the muchneeded succour to the players in the Nigerian DCM.

“This has enabled even more issuers key into the offerings of the Nigerian DCM to boost their businesses and there from, build their corporate profiles. From its value-packed listings and quotations service to its unrivalled information transparency, the OTC exchange, through its tailored business services, is deepening the OTC markets, and this listing represents another milestone for FMDQ. By listing on FMDQ, investor confidence is enhanced for the Forte Oil Plc bond, through the availed transparency, information disclosure, price formation and global visibility from the FMDQ-Bloomberg E-Bond System, the FMDQ website and FMDQ e-Markets Portal,” it said.

FMDQ added that as part of efforts geared towards aligning the markets within its purview to international standards, it , with the collective efforts of its varied stakeholders shall continue to deliver on its value-adding initiatives, focused on product and market development, to build and standardise the Nigerian financial markets.

Forte Oil was the first company to announce its audited results for the year ended December 31, 2016. The company recorded a revenue of N148.6 billion, up by 19.3 per cent from N124.6 billion in 2015. Profit before tax fell by 24 per cent to N5.3 billion, from N7.0 billion, while profit after tax declined by 50 per cent to N2.9 billion, compared with N5.8 billion recorded in 2015.