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.
More..
- TOP POST TODAY: Check Out What This Housegirl Is Doing In Her Oga’s House
- Pics of Tonto Dikeh Bathing Nak£d Leaks Online (SEE PHOTOS)
- REVEALED: The Bad Things Christian Colonial Masters Did in Nigeria & Africa (Must See)
- Hot girl post fully nak£d pics of herself on Facebook asking men to come & “do” her! (Photos)
- Seven Things A Real Man Does When He Is Really Serious About You (MUST SEE)
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.
-LindaIkeji
TOP POSTS YESTERDAY
- 5 Signs You Are Addicted To Sex! (LOOK)
- BREAKING: Popular Nigerian Singer Suffers Brain Damage, Now In Life Support (PHOTO)
- See What This Man Is Doing With This HOT Babe
- Big Girl Caught Servicing A Married Man; SEE What Happened (VIDEO)
- EXPOSED: See How Governor Amaechi Fooled & Duped Duncan Mighty Off N50million (LOOK)
- See What Christ Embassy Has To Say About Pastor Chris Divorcing His Wife (LOOK)
- PHOTOS: OMG!! See What Butt Implant Has Done To This Girl’s Butt (MUST SEE)
- Beyonce Is Having An Affair With Her Bodyguard (LOOK)
- PHOTOS: The First Ever Hotel Made Entirely from SALT; from the Walls to the Beds & Tables! [MUST SEE]
- SEE The Top 5 Richest Comedians In Nigeria and SEE How Much They Have! (LOOK)
- Check Out What This Housegirl Is Doing In Her Oga’s House
- REVEALED: See This Popular Nigerian Pastor Who Sleeps In A Coffin (PHOTO)
- SEE What Sudan Decided To Do To The Muslim Woman Sentenced To Death For Marrying A Christian
- SEE How Don Jazzy Changed The Lives Of 3 Families
- 30 year old Man Caught Pants Down Having $ex With A 4-Year-Old Girl (PHOTO)
- See Photos of President Jonathan’s Daughter and Husband Spending Money In Europe (LOOK)
- BREAKING: Femi Fani Kayode Leaves APC and Joins PDP, See What He Said!
- Female BBA Star, Hudah Manroe Want You To See Her ‘THINGS’ [18+ PHOTOS)
- Miley Cyrus Reveals Crótch On Stage During Her Performance [See Photos]
- Hacker Remotely Switches On Bedroom Webcam Of Miss Teen USA And Takes Her Nude Photos
- Video of the British girl caught with a male passenger in vírgin aeroplane toilet
- Top Post Today: 10 Facts About Mastu’rbat1on They Don’t Want You To Know
- VIDEO: Two Nigerian University Students Caught `DOING IT’ In Hostel
- Naked Picture Of TONTO DIKEH Doing Something Illegal Goes Viral (SEE PHOTOS)
- Bad Boy Justin Bieber Touches Hiedi Klum’s B00bs In Cannes ‘Film Festival’ [PHOTOS]
- Photos: Nollywood stars march for missing Chibok girls
- How Chidinma Caught her Kenyan BF Cheating on Her ”Live”, on Air
- OMG!! SEE How this pretty girl exposed her body so cheaply for the world to see (Look)
- VIDEO: SEE Muslim Ladies Doing “Sexy Things” Behind Closed Doors
- Revealed! The girl who sparked 22-yr-old Virgin Killer’s rage and hate for women
- “Dear Nigerians, By 2016, We’ll Stop Importation Of Fuel” – Dangote
- EXPOSED: Nicki Minaj S£x Tape Leaked Online By Her Ex lover
Discussion about this post