Lagos - Stock price of Forte Oil, owned by Femi Otedola, Nigerian billionaire, shed off 43.5% in value in the last nine weeks, costing the business magnate more than $400 million of his personal fortune.
In late February, the share price of Forte Oil hit an all-time high of N342 per share after the Lagos-based utilities and petroleum marketing company released its impressive 2015 financial year results and declared an attractive dividend of N3.45 per share.
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However, as at close of trading on Tuesday, its share price had dropped to N193.46 after recording consistent daily losses over the past few weeks.
Otedola, who is the company’s controlling shareholder, has seen his paper net worth drop from $1.6 billion when FORBES published its annual ranking of the World’s Billionaires in March, to $1.2 billion as at Tuesday, according to the FORBES’ real-time billionaire scorecard.
- News 24