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The company delivered an annual group profit of N1.1 billion in 2012, N6.5 billion in 2013 and N6.01 billions it in 2014.

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"Our quest to dominate the downstream petroleum sector in Nigeria and by extension Africa, remains a key aspect of our consolidation strategy.

We are currently pursuing opportunities for mergers and acquisitions in a bid to drive volume, revenues and ultimately maximize profits for shareholders," he said.

According to him, the organic growth of the company's downstream business through the acquisition of strategically positioned outlets to create an optimised network and drive revenues and profits remains on course.

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Forte Oil Plc was among the companies that reported their results for the first quarter (Q1) ended March 31, 2015.

The integrated energy solutions provider posted gross profit of N4.1 billion, compared with N4.1 billion in the corresponding period of 2014.

Although the company strived to reduce costs in the areas of sales,, distributions and administration, finance charges rose by 37.5 per cent.

This affected the bottom line in Q1 as profit after tax fell from N1.1 billion to N784 million.

However, market analysts said the performance of the company would improve significantly in the quarters ahead as the assets acquired with the banks borrowings begin to yield results.

Forte Oil last year successfully concluded its three-year business transformation that led to a complete turnaround of the company from a loss making entity of N19 billion in 2011 to a profit and a sustainable business entity.

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