/> Femi Otedola no longer a billionaire as Forte Oil shares fizzle | Welcome to praizeblog

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.

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