Mercuria Energy Holdings SA has procured a 17 % equity stake in Forte Oil plc. for $200million. Forte Oil is to use the money, from the stake sale as additional working capital for operations in the downstream sector, upstream services, power generation and upstream exploration, in order to further its bid to become a premier integrated energy solutions provider in Nigeria.

“Mercuria is joining forces with Forte Oil at an auspicious time when equitable funding and expertise is needed to expand and intensify its market penetration to give the company the leverage to further create a positive impact for all shareholders,” Forte Oil told Oil review Africa.

The company is Africa’s largest oil marketing company when it comes to retail network and market capitalisation. Forte Oil has more than 500 company-owned and dealer-assisted gas stations throughout Nigeria as well as oil storage depots and investments in power generation.

Mercuria acquired the shares from Femi Otedola; the chairman and controlling shareholder of Forte Oil. The investment has been approved by the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission.