Nigerian businessman Femi Otedola ‘s net worth has plunged from $1.8 Billion to $550 Million following a massive drop in the stock price of...
Nigerian businessman Femi Otedola‘s net worth has plunged from $1.8 Billion to $550 Million following a massive drop in the stock price of Forte Oil, the Nigerian Stock Exchange-listed petroleum marketing company.
As at the close of tradingon Friday, Forte Oil’s share price plunged to a one-year low of N145 ($0.44) per share, down from an all-time high of N342 ($1.1) in March this year when FORBES published its annual ranking of the world’s richest people.
According to FORBES’ billionaires’ database, Otedola is now worth only $550 million.
“Investors are dumping Forte Oil’s shares as a result of wide-spread disappointing results of Nigerian Companies of which Forte Oil Plc is also not immune. The company’s profit after tax was down at N2.80 billion ($8.8 million) for the third quarter ended Sept 30 2016 as against N4.28 billion ($13.5 million) for the same period in 2015.
Sources also attribute the results to reduced demand for energy consumption as a result of the recently increased pump price which has adversely affected the fortunes of oil marketing companies in Nigeria.
With a fortune now pegged at only $550 million, Otedola falls out of the ranking of Africa’s billionaires,” FORBES’ report said.
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