Forte Oil of Nigeria Plans to Raise $500 Million for Expansion

  • Company is looking to raise capital by third quarter
  • Profit forecast to double from gasoline sales, power

Forte Oil Plc, which owns a power plant and sells gasoline in Nigeria, said it plans to raise as much as 100 billion naira ($502 million) in equity or debt this year as it aims to double profit and expand during an economic slowdown in Africa’s biggest oil producer.

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