Tuesday, October 18, 2016
Femi Otedola Loses $1.3Bn, Due To Crash In Oil Prices & Naira Devaluation.
According to Forbes, Oil & Gas mogul Femi Otedola is no longer listed as a billionaire, after his net worth plummeted from $1.8 Billion to $550 Million following a massive drop in the stock price of Forte Oil.
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, the father of DJ Cuppy‘s fortune 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, he is now worth $550 million and drops out of the Forbes list of African billionaires.
$550 mill is still a whole lot more than 99.9% of us will ever see in our lifetimes!
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