Latest ranking of the world’s richest people by Forbes has shown that Otedola‘s net worth has plunged from $1.8 Billion to $550 million.
Industry watchers blame the fall on the massive drop in the stock price of Forte Oil on the Nigerian Stock Exchange.
Last Friday, trading on the NSE saw Forte Oil’s share price plunged to a one-year low of N145 ($0.44) per share, down from an all-time high of N342 ($1.1) in March this year when FORBES published its annual ranking of the world’s richest people.
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Another reason for the plunge is the adverse effect of devaluation of the Naira by the Central Bank of Nigeria.
It is estimated that the devaluation in addition to Forte’s floundering share price has knocked about $1.3 billion off the value of Otedola’s fortune which was pegged at $1.8 billion in March.