Oil tycoon’s fortune plunges to $550 million from $1.8 billion...
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.
Otedola, who is Forte Oil Plc’s Chairman, is now worth only $550 million as at the close of business of Friday, according to the FORBES’ billionaires’ database.
Femi Otedola was unavailable for comments. 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%.
Culled: forbes.com
Chia is recession the causer?
ReplyDeleteOf cos! Abi u feel say na him village pple?
DeleteRecession plus women
DeleteCauser kwa
DeleteI blame dj cuppy
DeleteHmmmmm not a good one.
ReplyDeleteWhen all road been closed in Buhari government ,Buhari is working but the truth is the average Nigerian is paying for it
ReplyDeleteHe's should simply pay 10% of what he's worth as tithe make I pray give am,#prayerChangesThings
DeleteLol, abi o. Usani, e be like say I go join ya 'teke'. Wait make I jack this my papa bible come. We need coconut and broom?
DeleteNo problem, he still get money. Wale tinubu just did, Ok let me keep shut
ReplyDeleteEeya
ReplyDeleteWill his daughters now stop being all up in my face with their everyday photo shoot?
Hahahha
DeleteLol
DeleteHehehehe....and their endless tours too.
DeleteStill very rich.
ReplyDeleteOne man has lost $1.5billion. Femi cannot be happy with Buhari's Government.
ReplyDeleteOn the brighter side, he is still a Billionaire in Naira..
Lmao
DeleteHehehehe.... ain't mocking him o but like u said, on a brighter side.
DeleteIssokey seen
DeleteHe's still rich! Some people no smell that kind money
ReplyDeleteNa wa oh. Take heart oh.
DeleteEpele
Well, 500 million dollars is still a whole lot of money. So enjoy oga Femi
ReplyDeleteAlright noted
ReplyDeleteKwakwakwakwa...
ReplyDeleteServes him right!...
Shey he was clamouring for change!..
Meanwhile,is that why he sent his daughter to Dangote to gbensh?...
Oriegwu oh!...
Hmmmmmmmmm..queen queen......
DeleteNne fear God small biko! LOL whts the worth of his daughter's punani biko? Is it worth even 1 dangote trailer?
DeleteChai! Nne release the story oo, m all ears biko.
DeleteYou seem to know everything. Make i join your train abeg
DeleteYou must be a bitter and lost soul. How comfortable are you as a woman saying evil about other women
DeleteBia queen, abi Linda, when u go bring your toto make I fuck again. E no too sweet bt nw nothing dey for me so I fit manage am. Bia ka m raa gi otu. I ma ka m si eme gi ya na.
DeleteYou are becoming too lousy, watch what you say. Everything is not joke.
DeleteAha Queen
DeleteBeyonce hands for you oo.
ChaiiiiiIii
DeleteLinda Eze
Your mouth ehhhhhhh
E no get part 2
Motherfucker were you there? Running your mouth like a faulty faucet. Omo ofo
DeleteYou for join dem nau and still not get paid. Rumour monger.
Delete🔥🔥🔥🔥🔥🔥jheeze
DeleteLinda,Linda
DeleteNa only you sabi everything wey dey happen for corner
Queen queen, I saw your comment on NGL.
DeleteDon mayor Linda's bf, I love both of una, I take ds info to d bank correct girl.
DeleteHe's still ok.
ReplyDeleteMeanwhile I dey look for 200 dollars? Abeg, he is very rich
ReplyDeleteOna fu ose, ona fu nkpiru-ite
ReplyDeleteEnd time cuppy
ReplyDeleteYou worth 500musd and you have loans worth a billion usd....happy balling
ReplyDeleteWhat ?.
ReplyDeleteVuhari must hear this from the oza room
The rich also cry
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Is this going to be online? If not, state your location pls.
DeleteHe still has money,it is not easy even in this recession period,but if he is not satisfied with his fortune,he can transfer all to me# lolz# but all the same.
ReplyDeleteRecession things. Mehn our economy needs annoiting
ReplyDeleteWhen he is making unnecessary expenses, how can a Gas Station have a face or ambassador,and still be paying for her services in the other room.. I didn't call anybody's name oo
ReplyDeleteMake I hear the other blogger carry this news, famzing no go ever allow her.
ReplyDeleteBuhari will keep buharising until he reduces to #100, here's your change.
ReplyDeleteWow that's about two thirds gone.
ReplyDeletePls what can i do with tigernut chaff, can i use it as flour as regards weightloss or should i throw it away
ReplyDeleteChai,he will rise again in Jesus name
ReplyDeleteChai,he will rise again in Jesus name
ReplyDeleteStill rich in my own definition.
ReplyDeleteStill a billionaire in naira
ReplyDeleteDear Lord, may I someday be worth $550 million and have it said I'm worth ONLY...Amen
ReplyDeleteAmen! Amen! Ameeeeeeeen!
Delete@Queen and Bus, everybody don't sleep around like u. And have U taken your family for the HIV test ?
ReplyDeleteHer AIDS is full blown .
DeleteFemi otedola d prince of darkness
DeleteNo more subsidy to steal
ReplyDeleteAll these small brains saying "he's still rich" do you know what it signifies? Y'all are relatively poorer by half. You should not say at least hes still rich.. say Damn, Nigeria is poorer! Shame to Buhari.. under you the economy is withering and you are still proud
ReplyDeleteYou are the small brained one. $500 million is still rich. Everyone knows Nigeria is poor. So?
DeleteWonders!! That his xieny gf on IG go dey squeeze face now oh! This recession is real So his daughters should understand the times and seasons and listen to what the spirit of the Lord is saying and pipe for down for now oh! Hmmm.... okay!
ReplyDelete@ chikito,really# and pipe for down for now.....gbagaun gbagaun but you're always quick to pick spec in other people's eyes.you're just a sick animal.stupid hater,even if femi lost money in a business,he can never get broke for life,you're just jealous of his children cos they got the life you wish for but will never have.fake ass girl.must you have an opinion on every post.google specislist
DeleteOver sabi kill this chikito die.if his girlfriend doesn't squeeze face go and squeeze it for her.foolish cheap runs girl.you're just jealous,see how you're forming familiarity like you know the girlfriend personally.
DeleteWhat girlfriend Chikito? When was the last time xeinny saw Femi? Lmao, Femi ducked Luscious after Xeinny introduced them behind Xeinn's, that's what caused a big rift between them. If you know Femi,you will know he's a confusionist. Randy talkative fool
DeleteWelcome, Yorkie Terrier
DeleteConverting to naira, he is still a billionaire. I no just gbadu the man sef.
ReplyDeleteIs that why your daughter is gbenshing Dangote.
ReplyDeleteKeeping up with the Cuppies coming up soon. Aaarrh
At least he is still in millions
ReplyDeleteQueen and boss, why laugh at others misfortune?
ReplyDeleteDon't mind that Queen and boss we all know on this blog that she is mentally deranged,we have accepted her like that,just take her comments with a pinch of salt.she's not well at all.
DeleteQueen and boss,chikito is trying to drag madness with you.you better hold your post wella,don't let that stupid bitch chikito try take your shine on sdk.people don't like chikito anyway,she's just an idiot living in la la land.
DeleteRecession or not,550 million dollars is still Oga oooooooo,abeg mke them give me just 5million dollars,I go comot d word recession from dictionary replace am wf reduction
ReplyDeleteTell ur daughter to stop dat stupid show...she will never be d kardashians...maybe with dis u go leave tiwa alone...Akuna man
ReplyDeleteLol the Queen has spoken. Don Mayor seems you like our queen. The two of you are nut cases. Abeg make una allow me no laugh much
ReplyDeleteHe's still a Billio...
ReplyDeletein naira he is still pretty a bilionaire
ReplyDelete