Billionaire Femi Otedola has lost more than $400m of his personal fortune over the last 9 weeks as his company, Forte Oil’s stock price fell more than 43%.
In late February, according to Forbes’ report, the share price of Forte Oil hit an all-time high of N342 per share after the petroleum marketing company released its 2015 financial year results, and declared an attractive dividend of N3.45 per share.
However, the report said at the close of trading on Tuesday, Forte Oil’s share price has dropped to N193.46 after recording consistent daily losses over the past few weeks.
Femi Otedola, who is the company’s controlling shareholder, has seen his paper net worth drop from $1.6 billion when FORBES published its annual ranking of the World’s Billionaires in March, to $1.2 billion today, according to the FORBES’ real-time billionaire scorecard.
A source at Forte Oil told Forbes that the drop in the company’s share price is not unconnected to massive sell-offs of bonus shares from some of the company’s retail investors.
OrijoReporter gathered that Femi Otedola is losing sleep over Forte Oil’s share price slump.
Read full story: Nigerian Billionaire Femi Otedola Loses $400 Million In 9 Weeks