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Forbes removes Otedola’s name from billionaires’ list

World billionaires ranking outfit, Forbes, has removed the names of Nigeria’s Femi Otedola from its list of African billionaires.

femi-otedola

With a fortune now pegged at $550 million, Otedola, Chairman of Forte Oil Plc, has fallen out of the ranking of Africa’s billionaires.

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The oil tycoon’s fortune million plunged from $1.8 billion following a massive drop in the stock price of his petroleum marketing company.

As at the close of trading on Friday, the company’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 of Nigeria (CBN) 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.

According to Forbes, “Investors are dumping Forte Oil’s shares as a result of wide-spread disappointing results of Nigerian Companies of which Forte Oil Plc is also not immune.

“The company’s profit after tax was down at N2.80 billion ($8.8 million) for the third quarter ended Sept 30 2016 as against N4.28 billion ($13.5 million) for the same period in 2015.

“Sources also attribute the results to reduced demand for energy consumption as a result of the recently increased pump price which has adversely affected the fortunes of oil marketing companies in Nigeria.”

Forte Oil is primarily engaged in the distribution of petroleum products such as diesel, aviation fuel and premium motor spirit (PMS).

Otedola’s close ally, Aliko Dangote, remains the richest man in Africa and number 51 on global ranking while Bill Gates is still the richest in the world with $75 billion.

4 Comments on Forbes removes Otedola’s name from billionaires’ list

  1. See what Buhari has caused

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  2. I blame Buhari for this

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  3. Hahahahaha…Oga Femi no see Nigeria money chop again as PMB no gree am.. Proper Billionaires do not suddenly lose 60% of their wealth over 18-24 months just because of recession. All these guys are ‘paper’ big men such that he even employs members of the Nigerian police to guard his chrome yacht like say person wan steal am.. LOL… All of you fake Big men will be exposed… Get used to doing business the right way and build your wealth as such…

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  4. All these riches, money and everything will end in this world. Abacha looted and yet left them all behind, abiola looted a d left all behind, Steve jobs of the Apple left all behind and died… so also those that are the most and most and most give them any rank will leave everything in this world… Yet the poor one who doesn’t have anything to eat or who died wretchedly will also leave everything in this world. Yet everyone will be on same line of Judgment. Angels doesn’t recognised the forbes list or whatever list, fat bank account or those big big big grammar. What they understand is that your name found in the book of life…. you hear welcome to the Kingdom of your father which had been prepared for you from the foundation of the world and once the name is not found in the book of the Lamb one will hear depart from me ye worker of iniquity I know you not.
    So now it’s not how far your account is or what number the world rate you. What matter is what shall it Profit a man to gain the whole world and losses his soul, what shall man give in exchange for His soul. Hell fire is real for those whose name are not found in book of life.

    There’s a solution today. Repent and surrender your.life to Jesus. Confess your sins and forsake those evilly deeds of your. Now turn your back on the world and hold unto Jesus. He will keep you till the end
    Jesus is coming soon.

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