Nigerian businessman Femi Otedola has fallen off the billionaire cadre of entrepreneurs.
According to Forbes, Otedola who is the Chairman of Forte Oil, suffered the plunge as he lost $1.3bn following a fall in the stock price of the company.
Forbes said, “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 is now worth only $550 million according to the FORBES’ billionaires’ database.