Femi Otedola, Nigerian businessman, is no longer a billionaire following a huge decline in the stock price of Forte Oil, according to Forbes.
According to Forbes, Otedola’s net worth, previously $1.8 billion, has plunged to $550 million.
Forte Oil, a petroleum distribution and marketing company, is listed on the Nigerian Stock Exchange (NSE).
When Forbes published its annual ranking of the world’s richest people in March, the share price of Forte Oil was at an all-time high of N342.
By close of trading on Friday, the share price of Forte Oil had fallen to a one-year low of N145 per share, and as at close of trading on Monday, it fell further to N137.87.
The report further noted that Otedola’s poor financial form was also affected by the devaluation of naira in June by the Central Bank of Nigeria (CBN).
The devaluation and the decline in stock price has greatly affected Otedola’s total fortune.
Otedola is said to be worth only $550 million as at the close of business of Friday, according to Forbes’ billionaires’ database.
The huge loss effectively kicked out Otedola from the list of African billionaires.