{"id":9069,"date":"2016-10-18T16:34:32","date_gmt":"2016-10-18T15:34:32","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=9069"},"modified":"2016-10-18T16:34:32","modified_gmt":"2016-10-18T15:34:32","slug":"recession-nigerian-mogul-femi-otedola-loses-1-3bn-in-value","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/recession-nigerian-mogul-femi-otedola-loses-1-3bn-in-value\/","title":{"rendered":"Recession: Nigerian Mogul, Femi Otedola Loses $1.3bn in Value"},"content":{"rendered":"
\"Femi<\/a>
Femi Otedola<\/figcaption><\/figure>\n

Recession: Nigerian Mogul, Femi Otedola Loses $1.3bn in Value<\/strong><\/p>\n

Latest ranking of the world\u2019s richest people by Forbes has shown that oil tycoon and Nigerian business mogul, Femi Otedola\u2018s net worth has plunged from $1.8 billion to $550 million as the economic downturn has led to a massive drop in the stock price of Forte Oil, the Nigerian Stock Exchange-listed petroleum marketing company.<\/p>\n

At the close of trading last Friday, Forte Oil\u2019s 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\u2019s richest people.<\/p>\n

Apart from the tumble in Forte Oil\u2019s stock price, Otedola\u2019s fortune has also been adversely affected by a central bank devaluation of the naira in June.<\/p>\n

In dollar terms, the devaluation in addition to Forte\u2019s floundering share price has knocked about $1.3 billion off the value of Otedola\u2019s fortune which was pegged at $1.8 billion in March.<\/p>\n

Otedola, who is Forte Oil Plc\u2019s chairman, is now worth only $550 million as at the close of business last Friday, according to the Forbes\u2019 billionaires\u2019 database.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

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, with inflation soaring at over 17 per cent.<\/p>\n

Investors are dumping Forte Oil\u2019s shares as a result of wide-spread disappointing results of Nigerian companies of which Forte Oil Plc is also not immune.<\/p>\n

The company\u2019s profit after tax was down at N2.80 billion ($8.8 million) for the third quarter ended September 30, 2016 as against N4.2 billion ($13.5 million) for the same period in 2015.<\/p>\n

Sources also attributed the results to reduced demand for energy as a result of the recently increased pump price of petrol, which has adversely affected the fortunes of oil marketing companies in Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"

Recession: Nigerian Mogul, Femi Otedola Loses $1.3bn in Value Latest ranking of the world\u2019s richest people by Forbes has shown that oil tycoon and Nigerian business mogul, Femi Otedola\u2018s net worth has plunged from $1.8 billion to $550 million as the economic downturn has led to a massive drop in the stock price of Forte …<\/p>\n","protected":false},"author":11,"featured_media":9070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17,624],"tags":[1143,673],"coauthors":[2392,2393],"class_list":["post-9069","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","category-politics","tag-femi-otedola","tag-forte-oil"],"yoast_head":"\nRecession: Nigerian Mogul, Femi Otedola Loses $1.3bn in Value - 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