Nigerian magnate Femi Otedola has dropped off the Billionaires list due to the decrease of his net worth from $1.8 billion to $550 million this is in turn as a result of the devaluation of Naira by the central bank of Nigeria, the massive drop in the stock price of Forte oil and the Nigerian stock exchange-listed petroleum marketing company.
According to Forbes, At the close of the business on Friday, Forte oil share price dropped to N145 ($0.44) from an all time high of N342($1.1) in March 2016
"Investors are dumping Forte Oil share as a result of wide-spread disappointing results of Nigerian companies of which Forte Oil Plc is also not immune. The company's profit after tax was down to N2.80 million($8.8 million) for the third quarter which ended September 20th 2016 as against N4.28 billion ($13.5 million) for the same period in 2015. Sources also attributes the fall to reduced demand energy consumption as a result of the recently increased pump price which has adversely reduced the fortunes of oil marketing companies in Nigeria."
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