“Femi Otedola becomes $398 million richer between March 3 and June 2” – Forbes Africa   Leave a comment

According to Forbes Africa, billionaire businessman Femi Otedola made $398million between March 3 to June 2. See their report below
Nigerian energy mogul Femi Otedola has become at least $398

million richer between March 3 and June 2 as shares of Forte Oil
PLC, a Nigerian Stock Exchange-listed energy distributor, surged
167% in that period.

Forte Oil PLC is primarily engaged in the distribution of
petroleum products such as diesel, aviation fuel and Premium
Motor Spirit (PMS). The company has over 500 company-owned,
dealer-assisted and dealer-developed gas stations spread across
the country, oil storage depots in Lagos and Rivers states, a
Power plant and a Joint User Hydrant Installation facility in
Lagos. The company also sells its own range of automobile

On March 3, the company’s stock was trading at N88.4 ($0.55),
and at the close of trading today (Monday), its share price was
N235.79 ($1.46). According to Akinbamidele Akintola, Vice
President, Africa equity sales at Renaissance Capital, the recent
unprecedented demand and surge in Forte Oil’s shares may not
be unconnected to the company’s recent inclusion in the Morgan
Stanley MS +0.13% Capital International (MSCI ) Frontier Market
100 Index. Listing in such indexes usually attracts interest from
global investors who track these companies.

Otedola became the largest shareholder in Forte Oil (formerly
called African Petroleum) in 2007 when he acquired a 28.7%
stake in the company from the government-owned oil company,
the Nigerian National Petroleum Corporation (NNPC) for $120

He subsequently appointed himself as chairman of the
company. Otedola, 47, has gobbled up additional shares over
the years and now owns more than 40% of the $1.5 billion
(Market Capitalization) company. According to information
available from registrar sources, he currently owns 436,809,537
shares valued at N103 billion ($635 million). He pocketed at least
$11 million in dividends from profits made by his company in
February as Forte Oil paid shareholders a dividend of N4
($0.0023) per ordinary share from its 2013 profits. A
representative for Femi Otedola could not be reached for
comment at press time.
Source: Forbes

Posted June 3, 2014 by SIRNEYO in NEWS

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