On 2nd May 2018, Forte Oil publicly announced plans to sell off three of the group’s subsidiaries in Nigeria and Ghana, in order to focus on its core domestic downstream marketing operations.

Forte Oil was hit hard when Nigeria slipped into recession in 2016, and despite signs of recovery, various factors – both internal and external – have coalesced, prompting the group to streamline its operations and focus on solidifying its position of dominance in the downstream sector of Nigeria’s oil and gas industry. The downstream sector itself is expected to evolve substantially in the coming years amid the anticipated deregulation of the sector, and the impending completion of the Dangote refinery in 2019.

The Dangote refinery in particular represents a major opportunity for the economy to overcome the great Nigerian paradox - that such a large crude oil exporter heavily relies on wasteful subsidies and corrupt refined petroleum imports. A more reliable availability of products in the downstream sector has the potential to create a more stable and favourable operating environment for petroleum marketing companies such as Forte Oil.