Femi Otedola net worth has dropped to $550m from $1.8bn. This is a result of the massive drop in the stock price of Forte Oil, owned by the Nigerian businessman.

As at the close of trading on Friday, Forte Oil’s share price plunged to a one-year low of N145 ($0.44) per share from an all-time high of N342 ($1.1) in March.

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Otedola’s fortune has also been adversely affected by a devaluation of the naira. This sucked $1.3 billion off his net worth which was pegged at $1.8 billion in March.

According to the FORBES’ billionaires’ database, the Forte Oil Chairman, is now worth only $550 million as at the close of business of Friday. This means Femi Otedola has fallen out of the ranking of Africa’s billionaires.

The recession in Nigeria has badly hit Forte Oil. Investors are dumping Forte Oil’s shares as well as as other Nigerian companies due to disappointing performances lately. The company’s profit after tax was down at N2.80 billion ($8.8 million) for Sept 30 2016, against N4.28 billion ($13.5 million) in 2015. Sources also attribute the results to reduced demand for energy consumption. The recent increase in pump price has adversely affected the fortunes of oil marketing companies in Nigeria.

Forte Oil PLC is primarily engaged in the distribution of petroleum products such as diesel, aviation fuel and PMS. The company has over 500 company-owned, dealer-assisted and dealer-developed gas stations spread across the country. It also has 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. Forte Oil Plc are also the owners and managers of the 435MW Geregu Power Plant. It also provides oilfield support services through its subsidiary, Forte Upstream Services.