|Nigeria's oil tycoon and business mogul, Femi Otedola|
According to Forbes, Nigeria's oil tycoon and business mogul, Femi Otedola, is no longer listed as a billionaire, after his net worth plunged from $1.8 billion to $550 million. The economic downturn in the coutry has led to a massive drop in the stock price of Forte Oil, the Nigerian Stock Exchange-listed petroleum marketing company.
The report says that as at the close of trading on Friday [Oct. 14] 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 sudden fall in Forte Oil’s stock price, Otedola has also been adversely affected by the devaluation of the Naira by central bank in June. The devaluation in addition to Forte’s plunging share price saw him lose about $1.3 billion off the value of Otedola’s fortune which was pegged at $1.8 billion in March.
As at the close of business on Friday Oct. 14, Mr Femi Otedola is now worth $550 million and drops out of the Forbes list of African billionaires.