Business
Billionaire Femi Otedola loses over $ 400 million in 9 Weeks
Article below written by Forbes contributor Mfonobong Nsehe for Forbes magazine…
Nigerian billionaire Femi Otedola has lost more than $400 million of his personal fortune over the last 9 weeks as the stock price of Forte Oil, the Nigerian-listed energy behemoth he controls, shed off 43.5% in value within that period.
In late February the share price of Forte Oil hit an all-time high of N342 per share after the Lagos-based utilities and petroleum marketing company released its impressive 2015 FY results and declared an attractive dividend of N3.45 per share.
However, as at close of trading today (Tuesday), its share price has dropped to N193.46 after recording consistent daily losses over the past few weeks.
Otedola, who is the company’s controlling shareholder, has seen his paper net worth drop from $1.6 billion when FORBES published its annual ranking of the World’s Billionaires in March, to $1.2 billion today, according to the FORBES’ real-time billionaire scorecard.
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