Nigerian billionaire businessman, Femi Otedola has dropped from the list of Nigeria’s billionaire following the massive plunge in his net worth.
Femi Otedola’s net worth which was reported at $1.8 billion earlier in the year dipped to $550 million after the Forte Oil stock dropped massively on the floor of the Nigerian Stock Exchange.
As trading closed on Friday, Forte Oil’s share price dropped to its lowest recorded in one-year as it pegged at N145 from its all-time high share price of N342 which was recorded in March, 2016 when Forbes recorded Otedola’s fortune as $1.8 billion.
The Central Bank’s devaluation of the nation’s currency has also negatively impacted Otedola’s fortune as the devaluation had resulted in a further dip of as much as $1.3 billion off the value of Otedola’s fortune.
According to Forbes, “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.”