Billionaire loses $400m as Forte Oils stocks drop

chika ebuzor

May 4, 2016 8:59 AM

The Nigerian business mogul is now worth $1.2b a big dip from the last Forbes world billionaire’s real time scorecard, which put him at $1.6b.

Billionaire chairman of

Forte Oil’s share price which was put at N342 per share, in 2015, dropped on Tuesday to N193.46.

Forbes reports that the share price drop is as a result of consistent losses recorded by the company.

The slow time in business has also affected Otedola’s networth according to Forbes.

A source who spoke to LIB said “This is only temporary. As you’ll see, even though investors are selling off their bonus shares, there are institutional investors who are buying up all the shares on offer as evidenced by the volume of the transactions in the last few days. When all those bonus shares are cleared up by institutional investors, you’ll see the share price rising again.”

READ: Why we collected bribe from Femi Otedola - Emenalo

Femi Otedola is the son of a former Lagos state Governor, Late Sir Michael Otedola. He is also the founder of Zenon Petroleum and Gas Ltd.

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chika ebuzor