October 17, 2016

SHOCKER: Femi Otedola Is No Longer A Billionaire

...as his company Forte Oil shares fizzle.
I remember telling some friends just last week that if Dangote was worth less than lets say 10 Billion, by now he should be almost broke considering the Loses in Billions he has incurred in recent times. That is money for you, sometimes the more you have the more you need to work to sustain it.

Oil tycoon Femi Otedola's fortune plunges to $550million from $1.8billion...
According to Forbes, businessman Otedola's net worth has plunged from $1.8billion to $550million 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 (just $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 $550million, according to the FORBES billionaires’ database.

Otedola was unavailable for comments. But an analyst at a Lagos-based Investment bank hinted that the share price drop may not be unconnected to the current recession in Nigeria.

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.

With a fortune pegged at $550million, Otedola falls out of the ranking of Africa’s billionaires. Chai!

3 comments:

Anonymous said...

If economy improve and stock exchange improve he will bounce back again.

Charles

Anonymous said...

People like this man should be in jail for the fraud they committed during the share scandal with their various so called oil companies. So happy the chicken is coming home to roost. There's hardly any honest God fearing Billionaires in Niger. It's like calling saraki, Jimoh

Hassan Aderemi said...

He still rich, if somebody have 10% of his wealth, he would be made the chairman of landlords association in their locality. Life is full of up & down, nothing wrong in falling but it's bad to fail to rise each time you fell. Otedola will rise again.