Forte Oil, West Africa’s largest petroleum marketing company which is controlled by Nigerian billionaire Femi Otedola, plans to raise up more than $500 million to expand its business across Nigeria.

Akinleye Olagbende, the company’s Chief compliance officer, said in a statement issued to journalists on Thursday that the oil marketing giant may raise funds through a rights issue, bond or share offering, or global depository receipts. Forte Oil will seek shareholder approval for the fundraising exercise at its annual general meeting which will hold in Lagos on April 26, 2016.

“The capital raising is part of our preparations to take advantage of opportunities in the economy,” Olagbende said.

Olagbende said that Forte Oil plans to expand beyond its petroleum marketing and power generation businesses and is exploring new opportunities in the upstream sector of the oil industry and in other businesses in the energy value chain.