Nigerian businessman Femi Otedola is no longer a billionaire following a huge decline in the stock price of Forte Oil, according to Forbes
Otedola’s net worth 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 is said to be worth only $550 million as at the close of business of Friday, according to Forbes’ billionaires’ database.