Forte Oil pays out NGN6.4b as severance package; Repositions for growth

LAGOS-Forte Oil Plc (Formerly African Petroleum Plc) a leading Energy company in Nigeria has taken steps towards re-engineering for growth by restructuring its entire Services, Commercial and Depot operations.

The company working mutually with the National Union of Petroleum and Natural Gas Workers (Nupeng) and Petroleum and Natural Gas Senior Staff Association of Nigeria (Pengassan) will be paying out about NGN2.5billion as severance packages to staff affected by this phase of reorganisation.

You will recall that last year, whilst taking steps towards repositioning the business, Forte Oil paid out NGN3.821,109,778.87, bringing to NGN6.321 109 77887.00b the total  sum paid as severance package in two years as severance package.

The strategy for the company moving forward is to operate a smart structure for efficiency and productivity, especially as the company is focused on revenue generation.

As a result of the large sum to be paid out, the company will engage the services of Consultants who will educate Staff on how to maximise these funds for their benefits during retirement.

Speaking on the exercise, the Managing Director of the company; Mr. Mike Ahme reports that; ‘‘the current market place is also presenting unprecedented growth opportunities for businesses that are ready to embrace them’’.

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