Wednesday, May 4, 2016

Nigerian billionaire Femi Otedola loses $400 million in 9 weeks - But why is this news?

According to Forbes, in the last 9 weeks, Nigerian billionaire Femi Otedola has lost more than $400 million of his personal fortune as the stock price of Forte Oil - (his oil company), shed off 43.5% in value.
I'm not sure why this is news, because Otedola as a billionaire acquired his wealth at the expense of Nigerians. His bribery case at the EFCC with Farouk Lawan is still pending. He owes the Nigerian National Petroleum Corporation (NNPC) $16 million, which he has refused to pay. 

So are we supposed to feel sorry for him loosing ill gotten wealth? I'm confused! I think it's time we talk about the thousands of families affected by unpaid salaries, the millions of Nigerians with no fuel or electricity. But again, what do I know...

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