LIS

Wednesday, 19 October 2016

Oh dear! Femi Otedola loses 1.3billion in value. Now worth $550m from $1.8billion in March this year

Recession in high places! Nigerian billionaire businessman Femi Otedola is no longer a billionaire in dollars. According to Forbes, he's now worth $550million following a massive drop in the stock price of his company, Forte Oil. Read the report from Forbes below...
As at the close of trading on Friday October 14th, 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%.

34 comments:

Anthony Adeyemi said...

Only God knows his state right now....really feel for him.

Anonymous said...

Still bloody rich!!!@

Emmy said...

Oh no!
...so Linda Hw r u gonna post D. J cuppy news.. Billionaire daughter..... Or millionaire daughter.....?

Emmy said...

Oh no!
...so Linda Hw r u gonna post D. J cuppy news.. Billionaire daughter..... Or millionaire daughter.....?

olufemi awolaru said...

Eyah ! such is life.

Cletus said...

Pity.
This man don come poor like Azukor for Ajegunle,
Azukor don even wan buy him own 3rd Okada.

dj banti said...

Sorry

Anonymous said...

Thank God! Unscrupulous business man. He's part of the people who ruined this country.

We go rest from Linda and her "billionaire daughters" reporting. Hope you will refer to Cuppy and her sisters as ex billionaire daughters.

Lara Ilara said...

lol. this guy go soon poor. But make no mistake! The rich know how to play the money game

Amos Mohammed said...

Thnk$$$$$$ to za oza room landlord.

Anonymous said...

Papa cup


Meenah_wakil on instagram

Nnenne George said...

Chai!!!😭

livingstone chibuike said...

Dis recession is becoming more crazy. 1bottle of red oil is now #600. Wat sort of change is dis.

Joyous babe,Linda ikeji first cousin said...

Eyaaa, anway they voted for change,so they shld enjoy d change.

Joyous babe,Linda ikeji first cousin said...

Eyaaa, anway they voted for change,so they shld enjoy d change.

Anonymous said...

Money has wings

Anonymous said...

Not just the recession oo, the daughters consumed a bigger percentage of the money. Pray the coming months will be a good one for his biz to thrive again though. Love that Guy.

NaijaDeltaBabe said...

He will bounce back


...merited happiness

dee boi said...

He's still a billionaire in naira sha... dee

Uju Phil said...

That's some huge money, our money!

chosengospel said...

All thanks to Buhari and his wife is wearing 1.5m Naira cape.

niyi adetoye said...

Eyahhhhh sorry sir .. God bless Nigeria

sean eko said...

his show off daughters caused it

Eddy Ogbunambala said...

Sorry for his loss

Juliet Iwuno said...

He is still comfortable regardless. Linda take note!

RareSpecie Z said...

Donald Trump once lost all his Billions but bounce back again 'stronger.
Dude Femi can do same if he can quit whining and wailing like Fayose.

Vivian Reginalds said...

chai
-D great anonymous now as Vivian Reginalds

Anonymous said...

No comment... just wanna marry linda. .. TMH

Anonymous said...

I am so disappointed with your comment.

Yusuf Dimas said...

He'll bounce back! People this rich can't lose everything... it's just demand & supply play & it'll turn around soon!

Martins Virus Code said...

Gud question

OSINANL said...

NA SMALL THING NAH

VEEKEE FRESH said...

really sad

Anonymous said...

Money they did not acquire by their sweat from the genesis shallreturn back to its genesis..it is written the wealth of the wicked is being brought over to me and so it is amen.

Recent Posts