Billionaire businessman, Femi Otedola, has revealed that at the peak of his business success, banks sent attractive women to persuade him to deposit funds or take loans.
Otedola made the revelation in his forthcoming memoir, ‘Making It Big: Lessons from a Life in Business’, published by FO Books and set for release on August 18, 2025.
In excerpts from the book obtained by TheCable, the oil magnate recounted the dramatic highs and lows of his career, including how financial crises — triggered by crashing oil prices, naira devaluation, and stock market slumps — wiped out hundreds of millions of dollars from his fortune.
“All told, I lost more than US$480 million to the plunge in oil prices, US$258 million through the devaluation of the naira, US$320 million because of accruing interest, and another US$160 million when the stocks crashed,” he wrote.
Describing the contrast between the good times and the downturn, Otedola reflected on how banks once bent over backwards to do business with him.
“One moment, I was the darling of the banks, who did everything in the world to court me, do business with me, give me loans, take deposits from me,” he said.
“They would send bewitching ladies to make their offers more convincing, and now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate, waiting for the moment I’d step out of my compound.”
Otedola made his fortune through Zenon Petroleum, which began with the sale of diesel in drums and eventually dominated the local market. He later acquired African Petroleum and rebranded it as Forte Oil Plc, a firm that at one point became one of the top performers on the Nigerian Stock Exchange.
However, a major business decision in 2008 backfired when he ordered diesel at a time crude oil was priced at $147 per barrel, but the shipment didn’t arrive until the price had crashed to $40 per barrel — saddling him with massive losses.
The situation was further compounded in 2009 when the naira was devalued from N120 to N167 per dollar, leaving Otedola struggling with falling diesel prices and mounting dollar-denominated debt.
His memoir offers a behind-the-scenes look at the volatile nature of the business world, the fragility of success, and the tough lessons learned from navigating financial storms.
Daily Trust
