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 lubricants.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 million. 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
It's all about oil business..
ReplyDelete#GoodGOD
Mehnn nigerians are mKing it big time.
ReplyDeleteWhew! *Eyes popping* And WTH am I still doing managing my status quo? Lol.Damn! This man is balling NO DOUBT#wink
ReplyDeleteLinda ikeji, stop counting people's money, it is bad manners
ReplyDeletehope when he dies, he will take the money to the after life to spend
ReplyDeleteThis is pure spite bro. Uneeded. And he actually has a daughter who is doing her own thing with her God given talents and representing Nigeria whom he can and will leave it to. Ours will come don't be bitter.
DeleteWho is this
ReplyDeleteDamn!! This is the real definition of STUPID MONEY!! Owo ton binu!! #MadeMen
ReplyDeleteIt is durty money! Chayi
DeleteNigeria is looking for 20b nd see wat dis man earns.. I hope he has charity organisations. . Lucky man
ReplyDeleteIt's a bad habit to count other people's money linda&forbes
ReplyDeleteIinda I beg make you drop his number,I get business way I wan talk with am.
ReplyDeleteHNMMMMMM... God will see all of us oo... chaiii
ReplyDeleteIinda I beg make you drop his number,I get business way I wan talk with am.
ReplyDeleteFemi will kill ur dream if you try share dem with him, he's a pathetic miserable wicked liar!
DeleteHardwork pays and lemi nt see y''all talking abt tapping into his blessings. Work hard...
ReplyDeleteChoi! So much money
ReplyDeleteNa wa o
ReplyDeletePls whrs hs son?
ReplyDelete~D great anonymous!
Na wa o
ReplyDeleteBaba lowo......he made his money from blogging ooooo.just like linda...he he he
ReplyDeleteI procliam it oh
ReplyDeleteMehn there is money in oil o! Chai.
ReplyDeleteNigerians to expect blackout as power generation drops by 1000MW
if u can take d risk, u'll see d benefits. it takes guts.
ReplyDeleteDiscover how to make legal and cool income from your phone daily here. click
Hmmmmm, God pls continue to bless me and my husband, we will be richer Dan dis man soon, Forbes watch out 4 us ooo. I tap from dis man riches.
ReplyDeleteawwwwww...
ReplyDeletedats a big one...
it keeps getting beta.......
Does it mean that asides oil business, he doesn't any other business that helps promote the middle class entrepreneurs.
ReplyDeleteNigeria is richly blessed but its represented by few privileged citizens.
~BONARIO~says so via NOKIA LUMIA
Bad belle; stop blogging and start generating ideas or do some decent work geeez
Deletewow, and am here struggling to earn an iota in a month.. diaris God ohh
ReplyDeleteCould be much more sef.
ReplyDeleteWow! Baba God, give me good ideas too that will make me a billionaire.
ReplyDeleteCoolDiva speaks!
There is God O...
ReplyDeleteEwooooo!!! God bless me like dis oo!! Dis is money mehn!! Living d good life!! I tap taper tapest into his blessings!!
ReplyDeleteZombie. U won't go and look for senators again? U wan tap Wetin ? Gay fool
Deletetalk am! U tap... Go work hard, finish school joor instead of posting arikwa pics here. Ina a tap isi gi na odu gi
DeleteHe over 60billion naira in 3months. Mmm. ENGR Emy
ReplyDeleteI tap from your Blessings
ReplyDeleteOh wow..In just 90 days?? Wow
ReplyDeletewww.ameriestyle.blogspot.com
Issorraiii ... God dey !!
ReplyDeleteOmg see money
ReplyDeleteWhy always in Nigeria all this bull-shit hapns..? This guy was arrested n questioned for subsidy money whatever around 20012-2013 n til now we can't figured out wht ends the case.. And. now same guy said he makes $398million in
ReplyDelete90 just days...and here u r all praising him...
Has EFCC quickly forgot bout him or d case just like tht?
And I can say it many times again tht the rich ppl can strived away with any offense in our beloved country only d poor r in problem...
#GodBlessNigeria
Even there's no refinery tht can make sure money in a 6 months....
ReplyDeleteAnd i dont knw him untill nw.... Why will a country as rich as nigeria be suffering like this......
ReplyDelete.
.
.
***CURRENTLY IN JUPITER***
Linda, I will like to know what he has done in return for his country to benefit the ordinary man/ woman.
ReplyDeleteNawaoooo me still dey here dey collect peanut every month, oga abeg just employ me na chai .CHI.
ReplyDeleteThat is wicked money man! Is he in the top 10 richest men in Africa, cos with that money he oughta.
ReplyDeleteGod please answer me on time
ReplyDeleteNigerians are making it in all specialization these days and that is why the so called developed countries are using all means to bring down this my lovely country e.g the boko harram insurgency. Cum 2020 I know nigeria will be among the developed countries ijn.
ReplyDeleteNa we get the oil, na we dey suffer d consequence of oil exploratio, but person from another ethnic group dey enjoy because of corruption in privatization. Diaris God o o
ReplyDeleteGod, I thank you for the life of this man and I tap into his blessings in jesus name........Amen
ReplyDeleteOwooooooooooooooooooooooooooooo
ReplyDeleteMoneyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy
Egooooooooooooooooooooooooooooo
Kudiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
⌣̊┈̥-̶̯͡»̶̥♡thanks ⌣̊┈̥-̶̯͡»̶̥
Yes he will continue to make such huge wealth as long as PHCN never works and we all keep carrying jerrycans to the fuel station to pay for fuel to power our generators. Men like this re the reason Nigeria won't work 'cos if she does, they re out of business!
ReplyDeleteDidn't i warned you? U this Alloy of a person. Na only congratulobia dey ur dictionary
ReplyDeleteThey don't say...he is really making money.
ReplyDeleteCONGRATS to him....but it is oil frm niger delta....hw many Niger deltans are in oil buisness...yet its niger delta dat suffers frm environmental degradation of all sort. c wat d so called Nigeria has done to dat region...its d northerners and westerners dat are d oil moguls yet dis abokis/mallams will not allow d region dat is feeding d nation to rule, d region dat they deprived frm devt by allocating oil blocks to demslves..dey are up there having oil wells in d creeks of d nger delta region...daris God.it is a matter of time..we will surely have resource control..
ReplyDeleteOkay,no problem,am happy for you otedola...this is my request..please marry me,or better still make me a for life concubine.Thanks for granting me d requestt.
ReplyDeleteSo what if dis foolish fool is a tad bit richer and d poor keeps getiin poorer. No free education, acomodation, transportation and health care for the less privileged. Wt impact haas this un explainable wealth don! To me his weaalth is invalid. Pls post beneficial news. We don't Wana heaaar about Nigerian criminals. #angry-student
ReplyDeleteThese men make their money from destroying other peoples business. Dangote destroyed every cement importer in. Iberia, especially ibeto, femi otedola is involved in so much racketeering in the oil industry. Dog eat dog
ReplyDelete#dorobucci
ReplyDeleteCan u imagine this was the man Ifeanyi ubah was competing with before but now the difference is far, may God help us al, Amen
ReplyDeletegood for him,he should pls remember the needy.
ReplyDeletewe are living in a society where the rich gets richer. we all can attest to the inherent employment situation in the oil sector. If you are not a governor or ministers son/daughter nothing for you(if u like be professional in that field)
ReplyDeleteLet the business moguls share the national cake and give employment to credible and talented minds (like me*wink*. Mr. Otedola i salute ur achievements.
#PICCANTO#
Lord, i tap ιηтσ this anointing amen!
ReplyDeleteTHIEVES!!!!!!!
ReplyDeleteAre you looking for a sugar mummy or daddy please call dis 09096552678 please be mature...
ReplyDeleteNiyi you are intelligent, and you said it all#men like otedula are the reasons naija will never,succeed if she does, there illegitimate runs will be blocked asap
ReplyDeleteWhat's the point of accumulating so much wealth when depravation stalk's the land?.
ReplyDeleteHe owns a lot more than 40%. His wealth is underestimated. I know bcos I bought a lot of Forte Oil shares for him on the Exchange. He is an active player in the market
ReplyDeleteHe owns a lot more than 40%, his wealth is underestimated. I know this bcos I bought a lot of Forte Oil Plc shares for him on the Exchange.
ReplyDeletethose shares are not liquid at all, d number traded daily are not even up to a million. they are just pushing up d price stupidly.
ReplyDeleteoil money
ReplyDeletemy country where the rich are getting richer, while the poor are poorer.
BORN TO SHINE!!!
*warn not warned @ anon 11.22am. At d point I prefer dat Alloy kips saying dis his stupid cogratulobia, rather than u with "gbagaun" #str8face#
ReplyDelete@#GodBlessNigeria
ReplyDeleteFemi Otedola isn't one of those arrested for oil subsidy fraud. In fact Madam Ngozi praised him for playing by the rules.
Every Nigerian deserves a oil block so we can share our wealth equitably. Not only for the rich and well connected. Smh
ReplyDeletesee money ooo
ReplyDeleteFemi is a wicked man
ReplyDeleteWho was Femi Otedola when his father was still a printer in Randle Avenue, surulere, they all rob Peter to pay Paul. What was wrong with African Petroleum? Why did the Nigerian government privatized it. Everything they privatized was cleverly sharing the peoples wealth to a privileged few. In civilized countries he would have been made come clean on his source of sudden wealth because his father miraculously became a Lagos State governor.
ReplyDeleteAbeg wey him house dey? Or who get him numba! I must runs him
ReplyDeleteMore money for your god Tiwa. Fucking things.
ReplyDelete