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Sustainable Dividends: Forte Oil Shareholders Task New Management

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Sustainable Dividends: Forte Oil Shareholders Task New Management
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Shareholders of Forte Oil (FO) Plc on Tuesday, 25th June, 2019 tasked the new management of the company on continuous payment of dividend and adherence to good corporate governance.

The shareholders made the demand in an interview with the News Agency of Nigeria (NAN) in Lagos on expectations from the new management team following Mr Femi Otedola’s divestment.

Mr Moses Igbrude, the Publicity Secretary of  Independent Shareholders Association of Nigeria (ISAN), told NAN that the new management needed to map out strategies to ensure higher returns.

Igbrude said that shareholders were expecting continuous returns on their investments and ensure adherence to corporate governance rules and market regulations.

“I appeal to them to manage the company properly, effectively and efficiently as expected in order to ensure yearly payment of dividend,’’ he said.

Igbrude said that the money realised from the sale of the power unit should be properly utilised to add value to the company.

According to him, the company should focus on the lubricant aspect of the business because that is where there is reasonable margin compared to the petrol business.

“They should make sure that their service stations look attractive, ensure high quality products and ensure the integrity of their pumps are superb so that customers will make them the first choice when buying fuel,’’ Igbrude said.

Mr Boniface Okezie, the National Coordinator of Progressive Shareholders Association of Nigeria (PSAN), said that the company needed to improve on its dividend payment to ensure price rally on the nation’s bourse.

Okezie said that the company should ensure prompt release of both quarterly and audited yearly results to avoid unnecessary sanctions from the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC).

The shareholder-activist said that the investing public and the stockbrokers should be carried along in the company’s operations through regular releases of information.

NAN reports that FO on June 20 appointed new Chief Executive Officer and Chief Financial Officer following the completion of the sale of Mr Femi Otedola’s shares in the firm’s downstream operations.

The firm announced that Mr Olumide Adeosun and Mr Moshood Olajide had been appointed as the Chief Executive Officer and Chief Financial Officer, respectively, after the resignation of Mr Akin Akinfemiwa and Mr Julius Omodayo-Owotuga.

Forte Oil, in a notice filed with the Exchange said Ignite Investments and Commodities Limited, led by Prudent Energy Services Limited, had completed the acquisition of Otedola’s 74.02 per cent shareholding.

According to the firm, the completion is consequent upon Ignite receiving all the necessary approvals from SEC, NSE and fulfilling all relevant terms and conditions attached to the Share Purchase Agreement.

It said, “As a result of this and further to the announcement on Dec. 28, 2018, Ignite will take over controlling stake in Forte Oil Plc, the downstream company“. 

Traders seek urgent repair of Lagos-Badagry expressway
Some traders plying Lagos-Seme road have urged the Federal Government to repair the Lagos-

Badagry expressway and lift the ban on importation of vehicles through the land borders.

The traders made the appeal in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Tuesday.

A commercial driver plying between Seme and Cotonou,  Mr Joy Sagbohan, said the deteriorating state of the road had affected his business.

“Many of our customers now prefer to go through Idiroko to Cotonou instead of going through Seme border.

“Before the road got worse, I usually realised between N20, 000 to N15, 000 daily, but now I hardly realise between N2, 500 to N1, 500 after fueling the bus.

“It is difficult for me to repair my vehicle due to the low income as a result of bad roads from Lagos to Badagry.

“My colleagues and I are facing a lot of challenges encountering immigration officers,  but we have a good relationship with the Nigeria Customs Service (NCS); they do not inconvenience us in any form,” Sogbohan said.

Another driver,  Mr Mamudu Paraiso, urged Nigerian government to caution some its agencies to stop extorting travellers at the border areas.

“Since the Economic Community of West African States has told the two countries to encourage free movement from the border areas, some Nigeria regulatory agencies still extort money to allow movement into Nigeria area.

“Since the borders have been closed to importation of vehicles, car dealers are no longer coming to board our vehicles to Cotonou,” Paraiso said.

He urged government to open the border posts for importation of vehicles to enable traders and commercial motorists to earn some income to feed their families.

Mrs Nofisat Kareem, a former cosmetics dealer who ended up as a pure water seller, said she change her business because she could no longer make profit from cosmetics.

She said she was trading between Lagos International Trade fair areas to Seme.

Kareem said she had no option than to go into pure water business to enable her feed her children.

Another trader, Mrs Mercy Jude,  also lamented the poor state of Lagos-Badagry express road, saying  that she used to  travel once a week on the route to buy Dettol disinfectant in Lagos.

She urged government to look into multiple checkpoints along the routes mounted by Nigerian officials extorting money from the traders.

NEWS

NGEP Urges Gas Reticulation In Buildings

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By Olasunkanmi Onifade

Abuja, April 29, 2025 The National Gas Expansion Programme (NGEP) has called on stakeholders to promote the integration of gas reticulation systems in estates, districts, and industrial areas, following best practices seen in developed countries.

Chairman of NGEP, Prof.

Mohammed Ibrahim, made the call on Tuesday during the Builders’ Conference and Annual General Meeting of the Nigerian Institute of Building (NIOB), FCT Chapter, in Abuja.

The conference, themed “Gas Reticulation in Building: Design, Safety, Environmental Compliance and Prospects for Builders,” focused on enhancing energy infrastructure in Nigeria’s built environment.

Ibrahim noted that with Nigeria’s vast natural gas reserves, gas reticulation offered a sustainable solution to improve energy accessibility, affordability, and reliability in homes and businesses.

“Gas reticulation in buildings presents a compelling pathway to a more sustainable, efficient, and resilient built environment.

“By prioritising sound design principles and ensuring strict adherence to safety and environmental standards, we can unlock the full potential of natural gas to drive progress,” he said.

He highlighted the key benefits of gas reticulation, including energy efficiency, cost effectiveness, versatility, and reliability.

Also speaking, the Chairman of the Council of Registered Builders of Nigeria, Samson Opaluwah, stressed the importance of capacity building for safe and efficient gas distribution.

He said this involved training engineers, technicians, and other professionals in system design, installation, and maintenance, while also strengthening regulatory frameworks and encouraging local innovation and manufacturing.

The Chairman of NIOB, FCT Chapter, Usman Okehi, emphasised the growing need to incorporate gas systems in residential, commercial, and industrial developments across Nigeria due to rising energy demands and gas availability.

According to him, with this advancement comes the need for strict adherence to design standards, rigorous safety protocols, and full environmental compliance.

“It is our responsibility as professionals and regulators to ensure these systems are functional, safe, and environmentally sound,” Okehi said.

He described the conference as a platform where stakeholders could explore the evolving landscape of gas infrastructure in building projects, share best practices, examine safety and environmental considerations, and assess future opportunities for builders in the sector.

The News Agency of Nigeria (NAN) reports that the Nigerian Institute of Building is the professional body for builders in Nigeria. It traces its origins to the Builders’ Society, established in London in 1834.

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Oil & Gas

FG Inaugurates Committee to Enhance Gas Distribution in Urban Buildings

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The Ministry of Petroleum Resources has inaugurated a Technical Working Group to enhance gas reticulation practices in Nigeria’s building industry.

The ministry’s Permanent Secretary, Amb. Nicholas Ella inaugurated the Technical Working Group (TWG) between the National Gas Expansion Programme (NGEP) and the Council of Registered Builders of Nigeria (CORBON) on Wednesday.

Reports= says that reticulation refers to the process of creating a network of pipes or tubes to distribute gas or other utilities to buildings or industrial sites.

The permanent secretary restated the importance of creating energy smart cities, saying that modern urban development relies on efficient gas and utility distribution systems,

“Most modern cities in developed countries have evolved to energy smart cities where energy, specifically gas and other utilities are piped to districts and estates.

“However, one of the key tools in creating energy smart city is the National Building
Code which, in essence, sets the guidelines on Building Pre-design, designs, construction and post-construction stages,” he said.

The permanent secretary reiterated the benefits of reticulated gas systems for households and businesses alike, adding that it ensured metered supply akin to water and electricity,

According to him, it eliminates the need for cumbersome refills, and also enhances safety by burying pipes and incorporating advanced safety equipments.

“The TWG is tasked with designing a comprehensive policy to implement best practices for gas reticulation using LPG, PNG, and Bio-Gas across Nigeria’s building sector.

“Key responsibilities include reviewing the current National Building Code, examining global gas distribution systems, and proposing quality standards for materials used in gas installations,” he said.

The permanent secretary emphasised the need for rigorous safety protocols and guidelines to ensure the efficient and safe use of gas in construction.

He urged the group to prioritise environmental sustainability in its recommendations, adding that the group is expected to submit its report by Nov. 15.

Earlier, Mr Samson Opaliwah, the Chairman of CORBON. expressed the council’s commitment to collaborate with the group to ensure safe uptake of gas for use in houses and housing estates in Nigeria.

“I assure you of the williness of CORBON to leverage the expertise and resources at her disposal to ensure that steps are put in place for gas infrastructure in buildings and estates.

“The gas infrastructure will be safe, sustainable and world-class.

” Our collective efforts will yield clear, standardised guidelines for safe and effective gas systems in buildings, matched with a skilled workforce to meet growing demands in Nigeria,” he said. (NAN)

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Oil & Gas

Utilise Oil, Gas Industry Report as Tool for Public Debate – NEITI

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged stakeholders to utilise its 2022/2023 oil and gas report for civic engagement, constructive dialogue, and public debate.

Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, made the call at the report’s public presentation on Thursday in Abuja.

The report was unveiled by Mr Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC), alongside Sen.

George Akume, Secretary to the Government of the Federation and Chairman, NSWG, NEITI and other dignitaries.

Orji emphasised the report’s significance in guiding policy, encouraging public debate, and improving governance in natural resource management.

He highlighted the report’s comprehensive data on revenues, governance structures, operations, and compliance within the oil and gas sector.

Speaking at the public presentation of the report, Akume reaffirmed the Federal Government’s commitment to transparency principles.

Olukoyede pledged to investigate the report’s findings and recommendations, noting that NEITI’s previous reports led to the recovery of over N1 billion.

The report is available on NEITI’s website, providing valuable insights into the sector’s performance and challenges.

The presentation was attended by Chairmen of National Assembly Committees, captains of industries, members of diplomatic missions, development partners, civil society organisations and the media. (NAN)

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