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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