Billionaire loses $400m as Forte Oils stocks drop

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.

 

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.”

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.

See Pulse Photo-News gallery below.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos govt bans bullying, flogging in public schools

Lagos govt bans bullying, flogging in public schools

Court jails Kwara Poly student 2 years for cyber fraud

Court jails Kwara Poly student 2 years for cyber fraud

2023: Former ABSU VC, Prof Ikonne wins Abia PDP governorship ticket

2023: Former ABSU VC, Prof Ikonne wins Abia PDP governorship ticket

2023: Kashim emerges Bauchi PDP governorship candidate

2023: Kashim emerges Bauchi PDP governorship candidate

Former Information Minister withdraws from Nasarawa PDP guber primary

Former Information Minister withdraws from Nasarawa PDP guber primary

Former Governor's son emerges Jigawa PDP guber candidate

Former Governor's son emerges Jigawa PDP guber candidate

Benue Speaker emerges PDP governorship candidate

Benue Speaker emerges PDP governorship candidate

Natasha wins PDP Senatorial ticket 2 months after joining party

Natasha wins PDP Senatorial ticket 2 months after joining party

I'm done - Peter Obi confirms exit from PDP

I'm done - Peter Obi confirms exit from PDP