Too Much Money!!! Billionaire Businessman Femi Otedola makes $ 398million in 90 days

According to Forbes Africa, billionaire

businessman Femi Otedola made $

398million between March 3 to June 2. #

Ojigbijigbijigbithings. Hehe. 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.

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.