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Nigerian businessman Femi Otedola has fallen off the African billionaire’s list after his net worth plunged from $1.8 Billion to $550 Million .This is as a result of a massive drop in the stock price of Forte Oil, the Nigerian Stock Exchange-listed petroleum . company and the devaluation of the naira.
According to Forbes , 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.He is now worth only $550 million as at the close of business of Friday….
“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 N4.28 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 . companies in Nigeria.””