Forte Oil shares trade below N100 – first time in 3 years
The share price of Forte Oil Nigeria Plc, hit an all-year low on Tuesday, after it traded below N100 for the first time in three years.
The shares of the energy company, which is owned by Nigerian millionaire, Femi Otedola, lost N10.18 to close at N94.32 on Monday.
Otedola, who was formerly listed as a billionaire by Forbes, lost his billionaire status after the shares of Forte Oil dropped from N342 in March to N137.87 in October.
In October, Forbes announced that Otedola was worth only $550 million as opposed to $1.8 billion earlier in 2016.
In May, investors rushed to sell off majority of their shares after the company recorded consistent daily losses.
In 2015, Forte oil announced a bonus of one share for every five ordinary owned.
In total, the company announced 216 million bonus shares for the 2014 business year and Otedola received N170 million of the total bonus shares.
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