list of references but its sources remain unclear because it has insufficient inline citations . please help to improve this article by introducing more precise citations . february 2014 learn how and when to remove this template message forte oil plc type public traded as nse forte oil plc formerly african petroleum plc founded 1964 british petroleum nigeria limited headquarters victoria island lagos nigeria area served west africa key people femi otedola chairman akin akinfemiwa group chief executive officer julius omodayo owotuga group chief financial officer francis oladayo williams legal adviser products petroleum products fuel oils jet a 1 fuel lubricants revenue 92 billion third quarter 2013 operating income 3.2 billion third quarter 2013 total assets 77 652 456 021 .64 2013 total equity 123 638 117 874 .60 as at november 27 2013 number of employees 485 website www.forteoilplc.com forte oil plc is an indigenous energy group headquartered in lagos nigeria with extended operations in ghana . it operates majorly in the downstream sector of the nigeria s oil and gas industry but has diversified its businesses into other sectors of the energy value chain . the downstream division specializes in the distribution of a wide range of petroleum products ; premium motor spirit pms diesel aviation fuel kerosene as well as a range of lubricants for various automobiles and machines ; distributed mostly to the automobile industrial aviation and marine markets . forte oil also has a subsidiary which specializes in the supply of well production chemicals and drilling completion fluids to the upstream sector of the oil and gas industry . it continues to pursue aggressive diversification into related high margin businesses a strategy that has been buoyed by the recent acquisition of the 414 megawatts mw geregu power generation plant located in kogi state of nigeria in a government led privatisation of power assets . contents 1 history 2 operations overview 3 subsidiaries 4 board of directors 5 references 6 external links history edit forte oil plc formerly african petroleum was incorporated on december 11 1964 . after 14 years in operation the company changed its status from a private limited liability company to a public liability company . in compliance with the provisions of the nigerian enterprises promotion decree of 1977 40 % of the company s shares were sold to nigerians and a year later 60 % was acquired by the federal government of nigeria in favour of the nigerian national petroleum corporation nnpc from british petroleum . in november 1979 its name was changed to african petroleum plc. nnpc s stake in ap was reduced by 20 % in march 1989 after the federal government sold the above percentage to nigerian citizens increasing their stake from 40 % to 60 % . in the year 2000 the federal government under its privatization programme divested its remaining 40 % to core investors and interested nigerians . in may 2007 the shareholding structure took another dimension as incorporated trustees of nnpc s pension fund divested its stake to zenon petroleum & gas limited owned by femi otedola making it the majority shareholder in the company . as a result mr. otedola and his affiliated entities became the core investor in the company . under the new management african petroleum embarked on a rebranding and restructuring programme which led to a name change to forte oil plc in december 2010 and a rebranding of the retail outlets spread across the across the country . in 2013 the company purchased a controlling stake in the 414 mw power plant under a government led privatisation programme in the power industry under the leadership of goodluck jonathan . in 2015 they signed an 83 million contract with siemens to upgrade the 414 mw plant the work is due to be completed in 2016 1 operations overview edit forte oil operates a network of 500 retail outlets spread across the country with major fuel storage installations at both apapa lagos state and onne rivers state an aviation joint users hydrant in lagos and joint aviation depots in abuja port harcourt and kano serving the aviation industry . with presence in the 36 states of nigeria and abuja and a spread of retail outlets in ghana the company markets premium motor spirit pms automotive motor oil diesel dual purpose kero dpk fuel oils and jet a 1 fuel amongst others . it also manufactures and distributes a range of lubricants some of which include synth 10000 super v visco 2000 etc. at its lubricating oil blending plant at apapa lagos nigeria . the company also provides well production chemicals and drilling fluids to nigeria s petroleum upstream operators ; and recently took full operational control of the 414mw geregu power plant as it moves to carve a niche for itself in the nigeria s power generation sector . subsidiaries edit although forte oil operates majorly in the downstream sector of the oil and gas industry it has diversified its business operations through the following subsidiaries ap oil & field services limited apos ap oil field services limited apos specializes in the supply of well production chemicals and drilling completion fluids to the upstream sector of the oil and gas industry . ap oil & gas ghana limited apog ap oil and gas ghana limited apog commenced operations in july 2008 with a single outlet and a few industrial customers in a bid to build a transnational oil company . today apog has grown to viable energy company with its head office within the accra business district and a network of retail outletts . ameperion power distribution company limited amperion power distribution company limited amperion power is the power generation arm of forte oil plc which acquired a majority stake in the 414mw geregu power plant located in kogi state of nigeria under the government led privatization programme in the power sector . board of directors edit as of december 2015 forte oil s directors include femi otedola con group chairman akin akinfemiwa group chief executive officer julius b. omodayo owotuga group chief financial officer grace c. ekpenyong director layi bolodeoku director christopher adeyemi director deacon philip m. akinola director anil dua director akinleye olagbende general counsel cco references edit http www.forbes.com sites mfonobongnsehe 2015 06 30 nigerian billionaire femi otedolas forte oil signs 83 million contract with siemens external links edit official website petroleumafrica.com bloomberg.com insideview.com myfinancialintelligence.com broadstreetlagos.com nigerianbest.forum.com retrieved from https en.wikipedia.org w index.php title forte oil plc & oldid 743075282 categories oil and gas companies of nigeriacompanies based in lagosenergy companies established in 1964non renewable resource companies established in 19641964 establishments in nigerianigerian brandshidden categories articles lacking in text citations from february 2014all articles lacking in text citationspages using infobox company with unsupported parameters navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 7 october 2016 at 17 11 . text is available under the creative commons attribution sharealike license ; 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