JUST IN!!!Femi Otedola Drops Out Of Billionaire League

0
femi otedola
Femi Otedola

Otedola, who is Forte Oil Plc’s Chairman, is now worth only $550 million as at the close of business on Friday, according to the FORBES’ billionaires’ database

.

However, an analyst at a Lagos-based Investment bank hinted that the share price drop may not be unconnected to the current recession in Nigeria that has witnessed 2 consecutive quarters of negative growth with inflation soaring to levels as high as 17%.

 

Investors are dumping Forte Oil’s shares 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 at N2.80 billion ($8.8 million) for the third quarter ended Sept 30 2016 as against N4.28 billion ($13.5 million) for the same period in 2015. Sources also attribute the results to reduced demand for energy consumption as a result of the recently increased pump price which has adversely affected the fortunes of oil marketing companies in Nigeria.

 

Vanguard

Previous articleThe Popular British Conspiracy Theorist “Max Spiers” Is Dead; This Is What Happened To Him
Next articleTRENDING!!!Charly Boy Writes on Buhari, Aisha, the Kitchen & the Other Room
Nwafor Nnamdi is the Head Editor at gist lovers (gistlover.com). He has been publishing for 5 years and focused more on Local/World News on gistlover.com.

Leave a Reply