Femi Otedola Drops out of Billionaires’ List After Losing $1.3 billion

Nigerian businessman Femi Otedola has fell out of the ranking of Africa’s Billionaires after his net worth went down from $1.8 billion to $550 million as a result of a massive drop in the stock price of his petroleum marketing company, Forte Oil.

According to FORBES, Forte Oil’s share price was at N145 ($o.44) per share down from an all-time high of N342 ($1.1) in March 2016.

Otedola’s fortune was also affected by the devaluation of the Naira in June by the Central Bank of Nigeria (CBN).

According to FORBES’ billionaires’ database, Otedola new net worth is now worth only $550 million.