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RECESSION: Nigerian businessman Femi Otedola suffers huge financial loss, out of billionaire class
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.
Meanwhile, Nigeria and Africa’s richest man, Aliko Dangote is now ranked 82nd in the world with Net Worth $12.9 Billion as of October 17, 2016.
Dangote net worth as at first month of this year was $15.4 Billion, but has been adversely affected by CBN’s devaluation of the Naira in June.
Other Nigerians still on the billionaire cadre are Mike Adenuga and Folorunsho Alakija with the Net Worth of $6.3 Billion and $1.81 Billion respectively. They are both ranked 220th and 1120th in the world respectively.
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