(Ecofin Agency) - Business mogul Femi Otedola just exited the Nigerian club of billionaires pushed out by oil prices slump. Forbes’ recently updated billionaire list reveals that Otedola’s wealth shrank by $1.25 billion, from $1.8 billion in March 2016 to 550 million as the stocks of his company, Forte Oil, tumbled sharply.

At the close of trading last October 14, Forte Oil’s shares plunged to their lowest in the year to N145 ($0.44) a share against a record of N342 ($1.1) in March 2016 when Forbes released its global billionaire rankings for the year.

Beside oil price slump, Forte Oil’s share also suffered Naira’s devaluation decided last June by the Central Bank of Nigeria.

Aside the oil and gas sector, Femi Otedola holds interests in companies that operate in the insurance, real estate and maritime transport sectors.