AMCON not managing our tank farms, says Forte Oil

Forte Oil Plc, formerly African Petroleum (AP) Plc has said its Apapa Tank Farm is not being managed by the Asset Management Corporation of Nigeria (AMCON) as reported.

In a statement, the Head, Brand and Communication, Forte Oil, Nkiru Olumide-Ojo, 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.'

It said Forte Oil Plc's assets were not sold to pay debts owed AMCON, as Forte Oil wasn't indebted to AMCON. Besides, the Chairman of the company, Mr Femi Otedola has now paid his debt to AMCON, the statement 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 said contrary to the report, all the assets of Forte Oil are still very much in it's possession. '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.