Now…550 million is still a respectable amount of money to own. But maybe not if you were once worth 1.8 billion USD. As Forbes magazine reports, Femi Otedola is no longer on its list of billionaires as a result of the freefalling value of the Naira and the dip in the oil markets. Details inside.
From Forbes magazine:
Nigerian businessman Femi Otedola‘s net worth has 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.
1.3 billion in losses because the value of the Naira has become like common street pebbles. Unbelievable.
