Femi Otedola made $398 million in 90 Days
According to a report by Forbes, Nigerian energy mogul Femi Otedola became at least $398 million richer between March 3 and June 2 2014. This follows a 167% surge in the share price of his Forte Oil PLC, a company listed on the Nigerian stock exchange.
The company, which currently trades at N235.79 ($1.46) per share, traded at N88.4 ($0.55) on the 3rd of March 2014.
Mr Otedola, 47, acquired a 28.7% stake in Forte Oil (formerly called African petroleum) when the Nigerian National petroleum company divested its interest in 2007. The share price of the company plummeted following the 2008 financial crisis but has since seen resurgence this year.
Forte Oil 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. The company also has 8 retail outlets in Ghana under the trade name of AP Oil and Gas Ghana Limited (APOG). One of its subsidiaries, Amperion Power Distribution Company Limited, also recently acquired a majority stake in the 414MW Geregu Power plant located in Kogi State of Nigeria.