Femi Otedola Loses $1.3 billion, Falls Out Of Billionaires’ List

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Nigerian businessman Femi Otedola has fallen out of the ranking of Africa’s Billionaires after his net worth plunged from $1.8 billion to $550 million as a result of a massive drop in the stock price of his petroleum marketing company, Forte Oil.

According to FORBES, Forte Oil’s share price was at N145 ($o.44) per share down from an all time high of N342 ($1.1) in March 2016.

Otedola’s fortune was also affected by the devaluation of the Naira in June by the Central Bank of Nigeria (CBN).

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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 added.

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