…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…
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!