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 trading on 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 .

Apart from the tumble in Forte Oil’s stock
price , Otedola ’s fortune has also been
adversely affected by a central bank
devaluation of the Naira in June . In dollar
terms, the devaluation in addition to Forte’ s
floundering share price has knocked about
$1. 3 billion off the value of Otedola’ s
fortune which was pegged at $1. 8 billion in
March .

Otedola, who is Forte Oil Plc ’s Chairman, is
now worth only $550 million as at the close
of business of Friday, according to the
FORBES ’
billionaires’ database .

Femi Otedola was unavailable for comments
. However , an analyst at a Lagos- based
Investment bank hinted that the share price
drop may not be unconnected to the current
recession in Nigeria that has witnessed 2
consecutive quarters of negative growth with
inflation soaring to levels as high as 17 %.
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 N 4. 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.


Source ::: http://www.praizeblog.com/2016/10/femi-otedola-no-longer-billionaire-as.html?m=0


cc lalasticlala fynestboi ishilove ijebabe missyb3

So?

Na Buhari cause am

Let me confirm this news first.

D man wey no sure bfor.. Who hin epp??

cc lalasticlala