Nigerian Billionaire, Femi Otedola Loses $400M In 9 Weeks

Nigerian billionaire Femi Otedola has lost more than $400 million of his personal fortune over the last 9 weeks as the stock price of Forte Oil, the Nigerian-listed energy behemoth he controls, shed off 43.5% in value within that period.

In late February the share price of Forte Oil hit an all-time high of N342 per share after the Lagos-based utilities and petroleum marketing company released its impressive 2015 FY results and declared an attractive dividend of N3.45 per share.

However, as at close of trading today (Tuesday), its share price has dropped to N193.46 after recording consistent daily losses over the past few weeks. 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 says 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. Last year, Forte Oil offered investors a bonus of 1 new share for every 5 ordinary shares they held. In total, Forte Oil declared roughly 216 million bonus shares for the 2014 business year. The bonus shares were only issued to investors a couple of weeks ago and they have been scrabbling to sell off their bonus shares on the market to cash in. This mass sell-off has precipitated the drop in the share price.

“This is only temporary. As you’ll see, even though investors are selling off their bonus shares, there are institutional investors who are buying up all the shares on offer as evidenced by the volume of the transactions in the last few days. When all those bonus shares are cleared up by institutional investors, you’ll see the share price rising again,” the source said.

Of the 216 million bonus shares which have been issued, Femi Otedola received approximately 170 million.

 

---

Posted: at 3-05-2016 10:30 PM (7 years ago) | Addicted Hero

Its nothing jor

Posted: at 3-05-2016 10:37 PM (7 years ago) | Hero

Money is still available. Cheer up my billionaire sir

Posted: at 3-05-2016 10:52 PM (7 years ago) | Gistmaniac

Dats a drop in d ocean nottin spoil...

Posted: at 3-05-2016 11:08 PM (7 years ago) | Hero

99.999 % of Nigeria  millioners are in the same boat.  But different scenario .   Change your million naira to Euro or dollar today  and give me the result.   Even  a year ago was far better....   
   Which way NIG?

Posted: at 4-05-2016 12:10 AM (7 years ago) | Upcoming

 

Posted: at 4-05-2016 05:56 AM (7 years ago) | Hero

Am sure he can also make double of that within that same period of time!

---

Posted: at 4-05-2016 07:39 AM (7 years ago) | Addicted Hero

3 STEPS TO FINANCIAL FREEDOM
1.   RIGISTER
2.   PROVIDE HELP
3.   RECEIVED HELP

HOW IT WORK
It a financial social platform. It not a networking, it’s not Hyip or make money quick scheme.
Is MMM a financial social platform or network that arrange people to PROVIDE HELP to someone and also RECEIVE HELP from someone for doing that.
FOR EXAMPLE

STEP 1. REGISTER:
 MR A and MR B register in social financial platform called MMM while filling the form MR A says he has N10, 000 naira and MR B says he has N5, 000.
NOTE: you are not putting any money in the social financial platform (i.e. MMM), your money will be in your normal bank account.
So both A and B indicated they have certain amount while filling the form to participate in the platform 10,000 and 5,000naira respectively.

STEP 2. PRODIVE HELP:
The platform will then give both MR A and MR B a link containing the amount they specify while filling the form to pay the money to MR C and MR D bank account. The social financial platform will bring the link and bank details of MR C and MR D .The information shown  below
Full name of MR C and MR D
Account number and the name of Bank they use
And their Phone number.

NOTE: MR C AND MR D
The reason why the platform brought the link of MR C and MR D Information was that they both registered in the platform and had completed the first step and the second step(REGISTER AND PROVIDE HELP) and they are in the 3 step to RECEIVE HELP and also register before MR A AND MR B.
If MR A AND MR B now pay the money to MR C AND MR D respectively
And also attach the payment receipt to the social financial platform as evident they have pay.
MR A (10,000) GET 30% OF THE MONEY = 13,000
MR B (5,000) GET 30% OF THE MONEY = 6,500
If MR A AND MR B DECIDED TO STILL LEAVE THE MONEY FOR ANOTHER MONTH 30% INCREASE AGAIN AND SO ON UNTILL CLICK THE GET HELP BUTTON WHICH MEANS WITHDRAWL. SEE IMAGE CHAT BELOW


OTHER BONUS ARE:
1.   MR A GET 10% FOR REGISTERING IN THE SOCIAL FINANCIAL PLATFORM
            MR B GET 10% FOR REGISTERING IN THE SOCIAL FINANCIAL PLATFORM
2.   IF A INVITE SOMEONE GETS 5%
              IF B INVITE SOMEONE GETS 5%
        NOTE: Inviting someone is not compulsory
 You are not putting any money in the social financial platform (i.e. MMM), your money will be in your normal bank account.

STEP 3. RECEIVE HELP:
MR A AND MR B after paying to MR C AND MR D RESPECTIVELY can also click on get Help button which mean withdrawal after waiting for 14days and the platform will then direct link and information like names and bank details to someone from the platform to pay to your own bank account.

NOTE: while registering you will need the following information ….very important
1.   For me to give u this information I am a member of the platform and my email address is [email protected] because you will need it while filling the form. You will put my email in the invite fill tab.
INVITE: [email protected]  see image below
2.   Your Guider’s E-mail: put in CHUDDY [email protected]

3.    Your Guider’s Phone Number: +2348038562027

4.   If you don’t understand or you have any questions call me on 08023895810 and I will give you seminar venue.

5.   Name of the site www.nigeria-mmm.net

And some images below that will help.

 Good luck and we will succeed together.

                   

Posted: at 4-05-2016 11:30 AM (7 years ago) | Newbie

some body way hunger wan kill, hear say his fellow human lost cool 400m dos, all she could comment was "it's nothing jor" even if na oil money that means its ok to loose such a huge sum of money in a very shot time as 9 weeks. some times i wonder if una brain screen go blind. if u study the capitals of some wealthy business gurus today u will know ur only been foolish. Take Dangote and Adenuga for example you will know if your given that 400m u will do far better than them, But if u keep hating like this then just bear it in mind even if your given the whole world u will end up taking them for granted becos like u said its nothing jor. Nigerians with their I don't care attitude. Just becos its not you. if na u na cry for get u no matter how much u get 

Posted: at 4-05-2016 04:18 PM (7 years ago) | Newbie

eyaaaaa....sorry o

Posted: at 15-05-2016 11:30 PM (7 years ago) | Gistmaniac