How Billionaire, Femi Otedola makes $398million[N64 Billion] in 3months - FORBES

According to Forbes Africa, billionaire businessman Femi Otedola made $398million between March 3 to June 2.


Forbes Reports:
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.
The rich are getting richer everyday.....

UNILAG Closed Over N20,000 Late Registration Fine Protests

UNILAG gates have been shut down by the institution's authorities after students protested a hike in late registration fines.

 

The gates of the University of Lagos students have been shut following student protests over a directive by the institution's authorities that they pay a N20,000 fine for late registration or editing of the course registration forms.

A crowd of students had had gathered UNILAG Senate Building on Friday morning chanting aluta songs and demanding an end to the 'exploitation'.

They also accused the Vice Chancellor of UNILAG, Prof. Rahman Bello, of corruption.

From the Senate Building the chanting students marched through all the Faculties in the school and later blocked all entrances into UNILAG.

The students say their grouse with the authorities is the decision to increase the charge from N10,000 to 20,000 within a few days.

Interestingly, a student who spoke with Student Pulse on conditions of anonymity alleged that the registration portal was deliberately closed before the deadline.

He said the management did this so that the extra N20,000 charge could be demanded from defaulters.

Some of the students spoken to said many students defaulted on deadline for completion of registration because they could not afford to pay their fees.

Another students said many students found it difficult to use the online portal due to technical handicap.

Lagos state is now a boiling pot of student protests with Lagos State University Students’ Union (LASUSU) members also currently protesting a hike in their tuition fees.

Japanese Woman Divorces Husband Because Of The Movie "Frozen"

 

A Japanese woman has filed for a divorce from her husband over the Disney animation, "Frozen". [Watch trailer above]

According to Japanese website, KikonshanoHakaba, otherwise known as "Gravesite of Married People" the woman claims her husband doesn't love the movie despite the incredible production put into it.

Reports say she began having second thoughts about her marriage when her husband told her he doesn't love the film. The woman then told her hubby before filing for divorce that,

 “If you can’t understand what makes this movie great, there’s something wrong with you as a human being.”

The wife is said to be a huge fan of "Frozen" which has also become a crowd favourite and beat Toy Story 3 to become the highest grossing animation film ever. 

It's Show Business, Leave Tiwa Savage Alone!

On the wake of the negative criticism which has trailed Tiwa Savage's "Wanted" video, Peter Okoye has risen to her defence.


 

Peter Okoye is fed up with the negative criticism that seems to have flooded Tiwa Savage on the heels of her "Wanted" video and he's letting the world know it.
The one half of the P-Square duo made a series of posts where he defended her, stating that international acts like Beyonce and Nicki Minaj do not get the same backlash for doing much worse. According to him "...their husbands aren't complaining, so please let them flourish".

It would be recalled that Tiwa Savage released her "Wanted" video last Wednesday and she's received some major backlash for it since then with fans mostly describing it as overtly raunchy and distasteful.
Several celebrities including Kaffy, 2Face Idibia and husband cum manager Tee Billz have however defended her with Tee Billz referring to the video as "art". Peter Okoye is the latest celebrity to come to her defence.