Nigerian billionaire Femi Otedola has lost more than $400m (£280m) of his personal fortune in the last nine weeks after stock price of his Forte Oil company crashed by 43%, the US
based Forbes magazinereports.
Forte's share price has dropped to 193 naira ($1, £0.66) from 342 naira in late February after recording consistent daily losses in recent weeks, it added.
The magazine quoted a source at Forte Oil as linking the drop in the company’s share price with massive sell-offs of bonus 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, it said.
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