The fall of oil prices has taken its toll on the wealth of billionaire, Femi Otedola. Mr Otedola according to Forbes magazine has lost more than $400m (£280m) of his personal fortune in the last nine weeks after stock price of his Forte Oil company dropped by 43%. Forte’s share price has dropped to 193 naira ($1, £0.66) from 342 naira in late February.
The magazine quotes a source at Forte Oil as linking the drop in the company’s share price with sell-offs of shares by some of the company’s retail investors.
In March, Forbes estimated that Mr Otedola had been worth $1.6bn, but that had now dropped to $1.2bn.