Union Venture Petroleum to raise N375 million fresh capital

A proposal by the board of Union Venture Petroleum Plc to raise N375 million fresh capital has been endorsed by shareholders.

Speaking during the company’s yearly general meeting, Chairman of Union Venture Petroleum Plc, Salihu Belgore, said the decision to raise fresh capital is based on the need to improve the company’s fortune and position it for the competitive business environment.

Belgore explained that the approval from shareholders is an indication of their confidence in the board and management of the company.

He also used the opportunity to assure shareholders of improved returns on their investments.

National President, National Shareholders Solidarity Association, (NSSA), Chief Timothy Adesiyan, said the approval is an expression of confidence in the board and management’s ability to perform better with adequate capital.

“When they have adequate capital, they should be able to perform optimally, thereby, enhancing our investment,” Asesiyan said.

The Managing Director/Chief Executive Officer of the company, Wande Akinpelu blamed its not-too-impressive financial performance on its inadequate capital, in addition to the harsh and unfavourable operating environment in the country.

Guardian