Nigeria’s Forte Oil puts N20 bln share sale on hold

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LAGOS, Sept 20  – Forte Oil has put a planned 20 billion naira ($64 million) share sale on hold, after it received regulatory approval for the offer, due to restructuring, it said on Wednesday.

“The board has taken a strategic decision to put the offering on hold pending the conclusion of an ongoing corporate restructuring with respect to maximising emerging opportunities in the Nigerian energy sector,” it said in a statement.

In August, Forte Oil said it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa’s top oil exporter. ($1 = 314.5000 naira) (Reporting by Chijioke Ohuocha; Editing by Adrian Croft)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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