Femi Otedola Loses $500M In Net Worth, Name Removed From African Billionaires List
Oct 17, 2016 – Nigerian Billionaire Femi Otedola’s Name Removed From African Billionaires List After Losing Over $500Million In 2 Months
Femi Otedola No Longer A Billionaire After His Networth Dropped To $550Million From $1.8Billion
Following a massive drop in his oil marketing company stock price, Nigerian oil billionaire, Femi Otedola’s name has been yanked off the list of African Billionaires.
Femi Otedola’s net worth reportedly plunged to $550million from $1.8million overnight because of a bad business decision and unstable Naira value.
According to insiders, Otedola-owned Forte Oil Plc stock price tumbled at the close of trading on Friday after the share price dropped to a one-year low of N145.
Apart from the fall in stock price, Otedola’s fortune has been adversely affected by the devaluation of Naira.
Femi Otedola’s best friend, Dangote is currently the richest man in Africa.