Forte Oil has announced plans to raise about $503 million to increase its operations in Nigeria, and will request its shareholder’s approval at the annual general meeting on April 26, 2016, Reuters reports.

According to the company, the fund might be raised via the issuing of rights, bond, share offering or through global depository receipts.

“The capital raising is part of our preparations to take advantage of opportunities in the economy,” Akinleye Olagbende, Forte Oil's chief compliance officer said.

He added that the company might seek for prospects in the upstream sector and manage other feasible businesses in order to strengthen its bottom line.

Anita Fatunji