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#repost from @globalbanta . • • • . Femi Otedola Drops Out Of Billionaire League : Latest ranking of the world’s richest people by Forbes has shown that oil tycoon and Nigerian Business mogul, Femi Otedola‘s net worth has plunged from $1.8 Billion to $550 Million as recession beat down a massive drop in the stock price of Forte Oil, the Nigerian Stock Exchange-listed petroleum marketing company, Vanguard reports. : 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, who is Forte Oil Plc’s Chairman, is now worth only $550 million as at the close of business on Friday, according to the FORBES’ billionaires’ database. : However, an analyst at a Lagos-based Investment bank hinted that the share price drop may not be unconnected to the current recession in Nigeria that has witnessed 2 consecutive quarters of negative growth with inflation soaring to levels as high as 17%. : 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 marketing companies in Nigeria. : #globalbanta #femiotedola #forbes #naijanews #forteoil #oilcompany

10/17/2016 8:34:16 PM 0








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