Our assets are intact, we not Indebted to AMCON – Forte Oil

Forte Oil Plc has refuted rumours that its Apapa Tank Farm is being managed by the Asset Management Corporation of Nigeria (AMCON) as alleged.

This was disclosed in a statement by the Head, Brand, and Communication Forte Oil, Nkiru Olumide-Ojo

The statement said “We wish to state for avoidance of doubt that Forte Oil Plc tank farms are not being managed by AMCON.

“Our tank farm is fully operational and is being managed directly by ourselves. At no time has it been rented, leased, or managed by AMCON.”

In the statement Olumide-Ojo said, the company was not sold to pay debts owed AMCON, stressing that Forte Oil was not indebted to AMCON in any way, besides, Mr Femi Otedola paid the debt owed to AMCON, he added.

“Forte Oil Plc is not indebted to AMCON and as such neither Forte Oil Plc nor its assets were ever part of the AMCON/Zenon settlements, which can be verified from AMCON,” it said.

Olumide-Ojo denied reports that Forte Oil gave up its assets to pay debt.

“as a forward thinking organisation, Forte Oil plc has simply adopted a more efficient business strategy in managing these assets. Our Lubricant stores and warehouses are now managed by our dealers who have leased these stores and purchase Forte products free on board for sale at the various locations as part of our strategy to improve our working capital and reduce inventory,” it said.

On the liquefied petroleum gas (LPG) plant, Forte Oil Plc partakes keenly in the Nigeria Liquefied Natural Gas (NLNG) domestic gas off-takers’ system by receiving and distributing accordingly.