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Femi Otedola Loses $500M In Net Worth, Name Removed From African Billionaires List

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Femi Otedola Loses $500M In Net Worth, Name Removed From African Billionaires List

femi otedola name removed african billionaire 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.

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  1. D Hunter

    October 17, 2016 at 5:52 PM

    What a loss? You can make it again if you plan well again and restrategise.

    I know now that this will affect some of his workers and thats more painful cos some family out there may be affected if their husbands are sacked due to insufficient money to pay them their salaries at the end of the day.

    I take a stroll…

  2. Metu Nyetu

    October 17, 2016 at 6:38 PM

    SUCH IS life, high and low, like a roller coaster. Nothing is ever stable. Lay up treasures in heaven where oil prize does not rise or fall.

  3. Endure

    October 17, 2016 at 8:47 PM

    This is one example that shows the negative effect of naira devaluation introduced by the administration of president Muhammadu Buhari. What further aggravated the economic downturn in Nigeria is not even the drop in price of crude oil, rather it is the irrational devaluation of our currency.

    Those who claim that the devaluation or the weakness of our currency is as a result of the drop in the price of the crude oil are only shielding the current administration’s abysmal failure in running our economy.

    While it will not be logical to totally neglect the downward effect of the sharp drop in crude oil prices and it impact in our economy,it is however noteworthy that the official devaluation of our naira back in may this year has significantly and adversely affected and greatly damaged our economy.

    That is why someone like Otedola among others could loss this type of mind bugling amount of money to dump economy policy of our former military general.

  4. fifelomo

    October 17, 2016 at 9:44 PM

    Hmmmm, life is all about ups and down. Life is not stable as well.

  5. Emmanuel Nnah

    October 17, 2016 at 10:51 PM

    plan well again,and you will recover.That is the business world for you…….ups and down.(unstable)

  6. sola olaniyi

    October 18, 2016 at 8:53 AM

    @ D Hunter, you really fall my hand with your comment. Him getting back to the list is beyond his control as those factors that can get him back on the billionaires list depend solely on the government policy.

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