Recession in high places! Nigerian billionaire businessman Femi Otedola is no longer a billionaire in dollars. According to Forbes, he's now worth $550million following a massive drop in the stock priceof his company, Forte Oil. Read the report from Forbes below...As at the close of tradingon Friday October 14th, 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, who is Forte Oil Plc’s Chairman, isnow worth only $550 million as at the close of business ofFriday, according to the FORBES’ billionaires’ database.Femi Otedola was unavailable for comments. 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 that has witnessed 2 consecutive quarters of negative growth with inflation soaring to levels as high as 17%.
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