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Tag: Forte Oil

  • Analysts bet on Lafarge, Forte Oil, others for high returns

    Investors looking for high returns on investment should include Lafarge Africa, Forte Oil and Julius Berger Nigeria Plc in their portfolios, investment analysts have said.

    Investment advisory reports by Afrinvest Securities and GTI Securities-two leading investment and stock broking firms, said Lafarge Africa, Forte Oil and Julius Berger Nigeria have potential for high returns in the period ahead.

    Afrinvest Securities, which placed a buy ticker on Lafarge Africa, said the cement company has an upside potential of 42.4 per cent, a direct reference to extent of capital gain that could accrue to investors in the company.

    According to Afrinvest, recent debt restructuring, energy source diversification and Nigeria price action remain positive drivers of forward earnings for Lafarge Africa.

    Analysts noted that Lafarge Africa’s last audited report comfortably outperformed analysts’ estimates on key earnings metrics pointing out that earnings had also stayed resilient in 2017.

    Lafarge Africa grew sales by 55.1 per cent and reversed its negative bottom-line with a pre-tax profit of N9.45 billion in the first quarter of 2017 as the cement company ramped up the use of alternative and logistics efficiency to drive growth.

    Key extracts of the interim report and accounts of Lafarge Africa for the three-month ended March 31, 2017 showed that sales rose to N81.31 billion in first quarter 2017 as against N52.42 billion recorded in comparable period of 2016. Gross profit jumped by 168.5 per cent from N7.78 billion in first quarter 2016 to N20.89 billion in first quarter 2017.

    Compared with pre-tax loss of N2.22 billion in first quarter 2016, the cement company recorded a pre-tax profit of N9.45 billion within the first three months of 2017. Profit after tax also improved significantly to N5.16 billion in first quarter 2017 compared with net loss of N1.87 billion in corresponding period of 2016. Earnings per share thus reversed from a loss of 19 kobo in 2016 to a positive of 92 kobo in 2017.

    The report also showed improvement in the balance sheet of the cement group. Total assets rose to N523.76 billion by March 2017 from N502.49 billion recorded by the period ended December 31, 2016. The balance sheet growth was driven by improvements in both fixed and current assets. Total equity funds also increased from N248.95 billion by December 2016 to N263.38 billion by March 2017.

    Another investment advisory report by GTI Securities highlighted Forte Oil and Julius Berger Nigeria as two of the best stocks for investors looking for high returns within a 12-month period.

    According to the report, Forte Oil has potential to generate capital appreciation of about 250 per cent with an expected target price of N170.41 by the end of the period as against its current price at the stock market.

    The report also indicated that Julius Berger Nigeria could post a return of about 117.80 per cent within the period as the share price of the construction firm is expected to rise from its current level to close the period at about N70.

    Analysts noted that the 414 megawatts Geregu Power Plant of Forte Oil has started to contribute significantly to the group’s top-line as power generation contribution to revenue increased by 118.61 per cent year-on-year and accounted for 19.79 per cent of total revenue in first quarter of 2017 compared to 8.39 per cent of total revenue in comparable period of 2016.

    Forte Oil has 51 per cent stake in a 414 megawatts gas-fired independent power plant, which is selling power to the Nigerian power grid on a guaranteed basis.

    “This trend is expected to continue with the power generation business further boosting revenue growth especially with the present drive by the government to ensure that power generation in the country increases. Forte Oil also has the capacity to push higher fuel and lubricants volume sales through its recent retail outlet expansion financed through its issued bonds,” GTI Securities stated.

    The report noted that Julius Berger Nigeria has a huge public sector portfolio which includes several high-profile projects including permanent site of the National Institute for Legislative Studies, Abuja, new residences for presiding officers of the National Assembly, Abuja; rehabilitation and extension of Airport Expressway, Abuja; rehabilitation of Badia Roads, Lagos; Lagos–Badagry Expressway, Lagos and Lagos–Ibadan Dual Carriageway, Section 1, Lagos–Shagamu among others.

    “We expect that with the focus of the government on infrastructure development a lot of the allotted N1.8 trillion, 30 per cent of the total budget for 2016, will go to ongoing projects across the country.

  • Analysts pick Forte Oil, Julius Berger for high returns

    Investors looking for high returns on investment over the next one year should include Forte Oil and Julius Berger Nigeria Plc in their portfolios, investment analysts at GTI Securities have said.

    An investment advisory report by GTI Securities stated that Nigerian equities will remain on the upswing in spite of intermittent profit-taking, with the release of second quarter earnings expected to further tickle the bulls.

    The report noted that pressure on the South African economy and the uncertainties in the United Kingdom (UK) economy as well as stable domestic foreign exchange management, will play to the advantage of the Nigerian equities market and sustain inflow of foreign portfolio investments.

    In the advisory report signed by Head of Research and Strategy, GTI Securities, Mr. Chuks Anyanwu, the securities firm indicated that Forte Oil and Julius Berger Nigeria are two of the best stocks for investors looking for high returns within a 12-month period.

    According to the report, Forte Oil has the potential to generate capital appreciation of about 207 per cent with an expected target price of N170.41 by the end of the period as against its current price of about N55.58 per share.

    The report also indicated that Julius Berger Nigeria could post a return of about 77 per cent within the period as the share price of the construction firm is expected to rise from its current level of N39.55 to close the period at about N70.

    Analysts noted that the 414 megawatts Geregu Power Plant of Forte Oil has started to contribute significantly to the group’s top-line as power generation contribution to revenue increased by 118.61 per cent year-on-year and accounted for 19.79 per cent of total revenue in first quarter of 2017 compared to 8.39 per cent of total revenue in comparable period of 2016.

    Forte Oil has 51 per cent stake in a 414 megawatts gas-fired independent power plant, which is selling power to the Nigerian power grid on a guaranteed basis.

    “This trend is expected to continue with the power generation business further boosting revenue growth, especially with the present drive by the government to ensure that power generation in the country increases. Forte Oil also has the capacity to push higher fuel and lubricants volume sales through its recent retail outlet expansion financed through its issued bonds,” GTI Securities stated.

    The report noted that Julius Berger Nigeria has a huge public sector portfolio, which includes several high-profile projects such as permanent site of the National Institute for Legislative Studies, Abuja, new residences for presiding officers of the National Assembly, Abuja; rehabilitation and extension of Airport Expressway, Abuja; rehabilitation of Badia Roads, Lagos;  Lagos–Badagry Expressway, Lagos and Lagos–Ibadan Dual Carriageway, Section 1, Lagos–Shagamu, among others.

    “We expect that with the focus of the government on infrastructure development a lot of the allotted N1.8 trillion, 30 per cent of the total budget for 2016, will go to ongoing projects across the country. This will boost Julius Berger’s revenue base and profitability for the 2016 fiscal year. In addition to the on-going projects, the company has also won new projects: Asokoro Conference Centre, Abuja; Dangote Jetty Apapa, Lagos; Uyo–Etinan Road, Akwa Ibom; Upgrade of NLNG MOF Jetty, Bonny Island; Dualisation Oil Mill Elelenwo Akpajo Road, Port Harcourt and No Potholes Programme, Port Harcourt. These in addition to the company’s other business arms will ensure sustainability in revenue base going forward,” GTI Securities stated.

    The management of Forte Oil recently said the group plans to acquire upstream assets and related downstream businesses to grow its portfolio and enhance future returns.

    Group Executive Director, Finance and Risk Management, Forte Oil Plc, Mr. Julius Omodayo-Owotuga, outlined a five-point strategic growth plan that will strengthen the indigenous energy group’s existing downstream, power generation and oil-servicing businesses and expand the group portfolio to lucrative oil-mining upstream business.

    Omodayo-Owotuga said the company will explore inorganic option of mergers and acquisitions to consolidate its growing market share in the oil and gas business, while strengthening its balance sheet to support long-term growth objective.

    “We have five pillars of strategies going forward. We want to concentrate on high-margin products. We want to focus on lubricants.  We have been working on our LPG as we improve our facility in Abuja, Kano and Apapa. We want to strengthen our balance sheet. We want long term capital so that interest expenses will come down.  Diversification is part of our strategy to boost out revenue base. We want to buy upstream assets; we will focus on mergers and acquisition within the space available. We have been growing our market share organically. We are looking at opportunity to grow the retail outlet through inorganic strategy,” Omodayo-Owotuga said.

    Already, Forte Oil has started the process to raise N20 billion in new equity funds after it successfully raised N9 billion in debt issue. Besides, it has approval to raise up to N71 billion under a N100 billion capital raising programme approved by the shareholders of the company.

    Omodayo-Owotuga said the latest capital raising will further boost working capital and operations as it will provide the company with the necessary liquidity to actualise its growth strategies.

    He pointed out that existing businesses in the group’s portfolio have shown strong performance, noting that Forte Oil maintained 14 per cent market share among the major marketers in the white products segment of the downstream sector as a result of ongoing strategic retail network expansion and growth of its commercial and lubricant customer base.

    Omodayo-Owotuga said the company plans to raise funds from its shelf programme in tranches, on the basis of emerging opportunities, in order to ensure that investors receive optimal value for their investments.

  • Capital funding: Forte Oil to raise N20bn for diversification drive

    Capital funding: Forte Oil to raise N20bn for diversification drive

    The management of Forte Oil Plc on Friday said it was perfecting arrangements to raise the sum of N20 billion from the equity market to support operation and drive diversification strategy.

    Mr. Julius Omodayo-Owotuga, Forte Oil Group Executive Director, Finance and Risk Management, said this at a news conference in Lagos.

    Omodayo-Owotuga said that the proceeds realised from the fund raising exercise would be used for business expansion, enhancement of working capital and downstream businesses, among others.

    He said that the company had already approached the Securities and Exchange Commission  (SEC) and the Nigerian Stock Exchange (NSE) for the equity raising exercise.

    Omodayo-Owotuga said that the company had the mandate of the shareholders to raise N100 billion fresh capitals.

    He stated that the company had already raised nine billion naira through debt capital in 2016, noting that, the capital raising would be in tranches as the need arises.

    Omodayo-Owotuga added that the company had also identified five growth pillars aimed at driving revenues and enhanced value creation to all its stakeholders.

    According to him, the company will focus on high margin businesses such as lubricants, Liquefied Petroleum Gas (LPG) and power to drive revenue generation.

    He said that the company grew its lubricants business by 62 per cent in 2016, to 21 million litres from 13 million litres posted in 2015.

    Omodayo-Owotuga added that a total of 90 million dollars was used for re-branding of the companies LPG facilities at Apapa, Abuja and Kano.

    He said that the company would also strengthen its balance sheet through enhancement of working capital and efficient management of inventory and trade account receivables.

    The executive director said that the company was looking at the right offshore asset to acquire at the right price to increase market share.

    He said that the company would optimise distribution channels as well as partner with telecommunication firms and financial institutions for effective distribution of its services.

    Omodayo-Owotuga stated that Forte Oil would focus on mergers and acquisitions within the industry to increase its downstream business.

    He noted that downstream business contributed 89.9 percent of the company’s revenue in 2016; power nine per cent, while upstream contributed 1.5 per cent.

    Omodayo-Owotuga further said that downstream contributed 75 per cent in gross profit, power, 29 percent and upstream, five per cent in 2016.

    He said that the company would continue to strengthen its power business, noting that Geregu power capacity had increased to 435 mega watts from 138 mega watts in 2016.

  • Reps threaten warrant of arrest against recalcitrant oil company chiefs 

    The House of Representatives has threaten to issue warrant of arrest against Chief Executive officers (CEO) of some major oil companies for failing to honour it’s invitations.

    The oil companies that include Total Nigeria Plc, Mobil Nigeria, NIPCO, Forte Oil, Oando and MRS among others were being investigated for alleged huge debts and criminal acts of sabotage by oil marketers.

    Chairman, ad hoc committee mandated to carry out the investigation, Abdulahi Gaya Wednesday expressed concern over the attitude of the affected CEOs that have consistently failed to either honour the Committee’s invitation or failed to provide requested documents for the investigation.

    He said: “Before we started this investigation, what we did as a committee was to sit down to digest and see the best way out and fortunately for us, so far we have recovered a lot of money, huge amount of money.

    “We called PPMC to give us information on the outstanding of oil marketers and they came and told us. We then sent letters to 17 oil marketers to send in documents and tell us their own part, the outstanding.

    “We also requested that they come and defend it but instead of doing that, they are sending representatives. Why are sending persons that are not part of their organizations?”

    According to him, the investigation was to ascertain the veracity or otherwise of the claims of the Petroleum Product Marketing Company (PPMC) as well as the oil marketers who are the actors on the matter with a view to ensuring that the Nigerian government was not short-changed in anyway.

    Gaya, who revealed that 50 percent of the debts arising from default by  oil marketers has been recovered, however did not disclosed the actual amount recovered so far.

    While he noted that the amount was stipulated in the documents obtained from various stakeholders, the lawmaker expressed optimism that 80 percent of the money would be recovered by the end of the investigation.

  • Forte Oil appoints Vervelde non-executive director

    Forte Oil appoints Vervelde non-executive director

    Forte Oil Plc has announced the appointment of the Managing Director of the Nigerian Breweries Plc, Mr. Nicolaas A. Vervelde, as an independent non-executive director.
    The company disclosed this in a formal notice to the Nigerian Stock Exchange.
    Vervelde is a board member of the Nigerian Economic Summit Group and also sits on the advisory board of the Lagos Business School.
    He is also the Chairman of the Beer Sectoral Group of the Manufacturers Association of Nigeria and the Nigerian Breweries Felix Ohiwerei Educational Trust Fund.
    “He started his career with Heineken in 1984 and held increasingly senior management positions in commercial, general and regional manager in Europe, Africa and Middle East, Bahamas, Carribean and Central America. He is an experienced manager of merger and acquisitions and a seasoned International Change Manager.
    According to the statement, the appointment of Vervelde as an independent non-executive director will bring a wealth of knowledge to the Board of Directors of Forte Oil following his diverse experience.
    “This appointment will also enhance the already versatile board of Forte Oil in ensuring that the company continues to fulfil its vision of being the foremost energy solution provider and being in the forefront of global best corporate governance practice,” it added.

  • Forte Oil plans N50b new capital raising in second half

    Directors of Forte Oil Plc has stepped up arrangements to d plan to raise N50 billion in new debt capital before the end of this year.

    Speaking during a presentation of the underlying facts of the oil company to stakeholders at the Nigerian Stock Exchange (NSE), group Chief Executive Officer, Forte Oil Plc, Mr. Akin Akinfemiwa, said the company has completed arrangements to raise new capital.

    He said discussions are ongoing with the management of NSE as the company intensifies the implementation of its strategic plan to increase supply of petroleum products.

    He attributed the impressive half-year performance of the company to aggressive sale drive, strategic retail acquisition, and prudent approach to cost containment.

    Forte Oil reported turnover of N84.475 billion for the half year ended June 30, 2016, an increase of 38 per cent on N61.168 billion recorded in the corresponding period of 2015. Profit before tax rose by 31 per cent from N3.255 billion to N4.250 billion in 2016.

    Akinfemiwa said turnover growth was due to ongoing strategic retail acquisitions across the country, increase in pump price of premium motor spirit and increased commercial customer base for both fuels and lubricants.

    He added that the power business contributed five per cent to the group turnover and 15 per cent to profit before tax as a result of low generation due to ongoing overhaul project and gas supply constraints due to the security challenges in the Niger delta region.

    He outlined that in the months ahead, the company would focus on high margin products, fully exploit LPG business particularly, LPG retailing, bottle refilling, optimize and expand Geregu Power Plant Asset, diversify into upstream space through profitable acquisition of upstream assets and optimizing working capital structure.

  • Forte Oil rallies stock market on crude oil contract

    Forte Oil rallies stock market on crude oil contract

    Forte Oil Plc led a break-even rally at the Nigerian stock market yesterday as the petroleum company announced that it had been awarded contract to lift crude oil by the Federal Government of Nigeria.

    Forte Oil’s share price rose by N12.10 to close at N254.10, representing an increase of 5.0 per cent. In a statement, Forte Oil stated that it was awarded the crude oil lifting contract by the Nigerian National Petroleum Corporation (NNPC) after it bid successfully scaled through the tender by the national oil corporation.

    Forte Oil’s announcement reverberated in the oil and gas sector. Another oil major, Total Nigeria recorded the second highest gain, in value terms, with a gain of N7.20 to close at N152.20, representing an increase of 4.97 per cent. Oando, another oil major, rose by 25 kobo or 4.80 per cent to close at N5.46 per share.

    The gains by the oil majors pushed the NSE Oil and Gas Index to the top with above average gain of 3.0 per cent.  The NSE Insurance Index rose by 0.8 per cent. The NSE Industrial Goods Index appreciated by 0.3 per cent while the NSE Banking Index improved by 0.1 per cent.

    The average benchmark index at the Nigerian Stock Exchange (NSE), the All Share Index (ASI), rallied on the back of the gains by the oil majors to close with a modest gain of 0.02 per cent, its first increase in four trading sessions. The ASI rose from 26,948.43 points to close at 26,953.05 points. This moderated the average year-to-date return to -22.23 per cent.

    Aggregate market value of all quoted equities also rose marginally from N9.265 trillion to close at N9.267 trillion. With 29 gainers to 12 losers, the market performance was driven by both widespread bargain-hunting and improved appetite for large-cap stocks.

    Other top gainers included Unilever Nigeria, which rose by N1.45 to close at N45.50; Okomu Oil Palm added N1.34 to close at N28.34 and Lafarge Africa, which rose by N1.10 to close at N92.44 per share. Champion Breweries was the most active stock with a turnover of 36.72 million shares worth N128.89 million in six deals.

    On the other hand, Mobil Oil Nigeria led the losers with a loss of N6.57 to close at N125.84. Nigerian Breweries followed with a loss of N2.23 to close at N118.79. UAC of Nigeria dropped by N1.07 to close at N20.43. Dangote Cement declined by N1.05 to close at N155.05 while Union Bank of Nigeria dropped by 29 kobo to close at N5.70 per share.

  • Forte Oil set to reward customers nationwide

    Forte Oil set to reward customers nationwide

    Forte Oil Plc is set to reward its customers across the country through an imitative tagged: ‘’Forte Oil Advantage’.

    Launched recently in Lagos, the idea saw the likes of Forte Oil, first Bank of Nigeria Plc and Interswitch  Nigeria Limited coming together to produce a Smartcard through which, consumers would be buying fuel at any of the retail outlets of Forte Oil in Nigeria.

    Speaking at the launch, the Chief Executive officer, , Forte Oil Plc, Akin Akinfenwa, said the idea of ‘Forte Oil Advantage’ was conceived as part of the growth plans of the company.

    He said the scheme requires that current and prospective customers of the company get the  card, take to any of the Forte Oil’ s  retail  outlets, buy fuel with it and get rewarded for the transactions done with the company after sometime.

    He said customers are going to be rewarded as at when due, adding that modalities are being put in place to reward customers adequately for buying fuel from Forte Oil’s  outlets.

    He said the Card offers a wide range of benefits to customers because they can use the card for Automated Teller Machine(ATM) and   Point of Sale( PoS) transactions.

    According to him, Forte oil customers need not carrying out cash to its retail outlets since the card was produced to serve as  a safer and convenient tool of transactions.

    Also, the Chief Executive officer designate, First Bank Plc , Mr Adesola Adeduntun,said the idea would   complement the Central Bank of Nigeria(CBN) cashless policy scheme, introduced to curb the movement of cash in the country.

    He said the initiative would further reduce movement of cash across the country and its attendant risks.  The Managing Director, Interswitch Nigeria Limited, Mr Mitchell Elegbe, said the usage of card goes beyond filling stations,    adding the card can be used for transactions in shopping malls and other areas.

    Represented at the event by Mr Charles Ifedi, the Chief Operating officer,  in charge of Consumer Department, Inter switch,   Elegbe said the idea is novel in the downstream sector because would now be buying fuel through a well developed and theft- proof   solution.

     

     

    He said the card was developed, with a view to serve stakeholders in the oil, financial and Information Communication and    Technology (ICT) sector better, as well as fostering  a symbiotic relationship among them.

     

  • Forte Oil records over N4b profits

    Forte Oil records over N4b profits

    FOR Forte Oil Plc, the yearend results of September 30, 2014, released Wednesday for the third quarter, showed that the company grossed N4. 016 billion profits after tax.

    The figure represented a 46.72 per cent increase on the N2.737 billion it declared in the corresponding period of 2013.

    Analysis of the results released by the Nigerian Stock Exchange (NSE) yesterday showed that its revenue increased 33.06 per cent to N122.58 billion compared to N92.13 billion recorded in 2013. Similarly, its total assets grew by 20.30 per cent to N125.92 billion as against the N104.68 billion recorded in the same period in 2013.

    Also, its operating profit went up by 72.29 per cent to N6.35 billion in 2014, while its earnings per share declined by 19 per cent to N2.04 from N2.52 in 2013.

    So far, the company has achieved a 134.74 per cent year-to-date (YTD) share price appreciation in the period under review, moving from N92.87 per share at the beginning of 2014 to N218 per share at the close of business on October 15, 2014.

    Following the company’s excellent performance, the NSE recently promoted it to the league of ‘Highly Priced Stock’ and the company was also recently listed in the Morgan Stanley Capital International (MSCI) Frontier Market Index, one of the world’s leading equity index provider.

    Recently at the company facts behind the figure on NSE, its group chief financial officer, Julius Omodayo-Owotuga, said the company’s successful launch of its newly repackaged lubricants and aggressive consumer engagement activities enhanced its market share.

    He added that the company’s continued expansion of its retail network at strategic locations helped to improve market dominance.

    According to him, we also embarked on aggressive growth and expansion of our industrial/commercial customer base to meet our objective of being the supplier of choice. Another factor that enhanced our performance was the strong performance from Geregu Power Plant despite operational challenges.

     

  • Forte Oil eyes strategic investments

    With the increasing competition in the downstream sector of the petroleum industry, Forte Oil is focusing on some strategic investments that will enhance its opportunity to capture more share of the market and make more returns for its shareholders, it was learnt.

    Its Group Chief Executive Officer, Mr. Akin Akinfemiwa, told The Nation during the launch of new 100 delivery trucks in Lagos that every investment the company makes is targeted at value creation having the shareholders’interest at heart.

    Forte Oil used to be the market leader in terms of number of retail outlets, but Akinfemiwa he said the  management doesn’t look at having the largest number of retail outlets, which add less to the balance sheet of the company but having less outlets that add the expected value.

    “We are not looking at numbers of retail outlets; we are looking at the volume. What we are doing is that our acquisitions are strategic in the sense that there is no point having 700 filling stations that give maybe just one million litres; we rather have 500 stations that will give us two million litres. So, we look at strategic acquisitions that will give us volume because that will shorten our operating and maintenance costs,” he said.

    He said the acquisition of the 100 delivery trucks will add positively to Forte Oil’s stock and bottom-line. On how the acquisition will impact on the company’s stock’s price, he said: “Basically, we have the confidence to bring in more customers because with an efficient and effective logistics, what we can do is to have that confidence to bring in more customers on board and also make that drive revenue. When it drives revenue, we are able to translate that into robust returns to our shareholders and of course when the dividends and returns are high obviously the share price will go up.”

    On how the trucks would be managed, Akinfemiwa said the National Association of Road Transport Owners (NARTO) and Petroleum Tanker Drivers (PTD) have  roles to play but Forte Oil will still be in charge of the supply and distribution plan in order to meet customer satisfaction. He said: “We have identified components of customer service delivery, which we are also committed to implement such but the way the downstream works is that we have the owners and the operators.

    “Operators are the NARTO and PTD. In terms of distribution, it is what we tell them to distribute that will be distributed. So we are still in charge of own supply and distribution plan, which is driven basically by customer service or request of the customer. It is the request of the customer that goes into own supply schedule and we advise the logistic operators and they carry out what we advised.”

    He also said because health and safety is a key component of the company’s transformation strategy, the management appointed a tested and competent operator in the industry, PSL, a skills development firm, to train the drivers that will drive the trucks. The firm is giving the drivers who have been recruited adequate training that will guarantee not only the safety of lives but also the safety of the trucks on the road, he added.

    As part of the strategic investment programme, Akinfemiwa said Forte is carrying out tremendous renovation on Geregu Power Plant, which it acquired last year. He said: “On the power investment, we have awarded the contract to Siemens at approximately $90 million for the major overhaul of the Geregu Power Plant. Once the major overhaul is carried out and also the inception of the Transition Electricity Market, power will contribute about 40 per cent to the company’s revenue. It is something that we look forward to as a business and it is something that is expected to drive our revenue and ultimately shareholders returns or value.

    “The overhaul has started and will take approximately 18 months. Geregu was bought as almost a brand new plant; there is no need for expansion but we want to consolidate on what we have to be able to get the kind of result we expect.

    “The value of these 100 trucks put together is about N2.5 billion and this is the first batch. The second batch, which will also be 100, is expected to cost N2.5 billion bringing the total investment on delivery trucks to N5 billion.”