Nigerian oil magnate, Femi Otedola has emerged one of the biggest African loser on the Forbes richest list in 2016.
Otedola’s net worth plunged to $375 million, down from $1.8 billion a year ago. This means he’s lost $1.425 billion, which represents a 79% plunge.
Otedola’s big drop in net worth is the result of the dwindling share price of Forte Oil, the Nigerian oil marketing company he controls.
Furthermore, the naira has weakened considerably to the dollar, and this contributes in a way to his loss.
Africa’s richest man, Aliko Dangote, lost an approximate $5bn in 2016.