Stanbic IBTC reinforces financing advisory, stockbroking, trusteeship credentials in acquisition of Forte Oil shares   

LAGOS, Nigeria – As a testament to its extensive credentials as Nigeria’s leading end-to-end financial services organization, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has leveraged its deep financial services knowledge and expertise in successfully supporting the acquisition of a majority stake in Forte Oil PLC by Ignite Investments and Commodities Limited, an affiliate of Prudent Energy and Services Limited.

The deal was executed by members of Stanbic IBTC Holdings PLC, who undertook multiple roles: Stanbic IBTC Capital Limited acted as Financial Adviser and Debt Arranger; Stanbic IBTC Bank PLC acted as Lender and Underwriter, Stanbic IBTC Stockbrokers Limited acted as Stockbrokers to the buyer and Stanbic IBTC Trustees Limited as Escrow Agents. 

Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, reiterated the financial institution’s commitment to delivering exceptional quality of service to its clients and its strong focus on consistently adding value to its clients’ businesses, thereby enabling them to achieve their set objectives. 

Sogunle said the unmatched financial groups’ expertise, knowledge and experience in handling the end-to-end requirements of big-ticket transactions, whether in debt or equity financing were brought to bear in successfully closing the historic deal.

The Stanbic IBTC Bank CE said the outcome is a result of 19 months of a grueling multistage sell side process, painstaking negotiations, consultations, thorough and conscientious fulfillment of every conditional transaction traits that are synonymous with the financial institution and which has earned it the respect of its clients.

“We have a proven track record in this market and to this end we are keen on continuing to work and grow with our clients, leveraging on our local knowledge and international connection to deliver cutting edge solutions to meet the needs of our clients while helping to also nurture their business operations,” Sogunle said.

Chief Executive, Stanbic IBTC Capital Limited, Mr Funso Akere, expressed gratitude to all the parties involved in the deal, including the clients as well as every other person who worked tirelessly to ensure a seamless process – from start to close of the successful transaction.

He also recognized the teams from Stanbic IBTC Capital Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Bank, Stanbic IBTC Trustees Limited and Standard Bank for their immense contributions to delivering another complex transaction within a reasonable timeframe.

“The successful completion of this transaction is yet another validation of Stanbic IBTC’s market leadership, expertise and the high standard of service quality it provides its local and international clients as a leading end-to-end financial services organisation with leading operators in their respective spaces in the Nigerian capital market and the financial services industry,” Akere stated.