Key Points
- Otedola recounts how banks used women to secure deposits.
- He claims banks sent thugs after his financial downfall.
- The book reveals the fragility of business relationships in Nigeria.
One of the most prosperous billionaires in Nigeria, Femi Otedola, has opened up about how he rose to fame and the difficulties that influenced his business development.
Otedola’s forthcoming book, ‘Making It Big: Lessons from a Life in Business’, which is scheduled for publication on August 18, 2025, describes in detail how he went from running a small diesel sales company to taking over Zenon Petroleum and then purchasing African Petroleum, which he then turned into Forte Oil Plc.
His business rose to prominence on the Nigerian Stock Exchange and achieved market dominance in Nigeria. Though Otedola’s prosperity would soon be put to the test by unforeseen financial crisis, the road to triumph was not without its obstacles.
The financial crisis and the double whammy
When a cargo of diesel failed to arrive in 2008, after crude oil prices had skyrocketed to almost $147 per barrel, Otedola’s riches came crumbling down.
Upon the shipment’s eventual arrival, oil prices had fallen to about $40. In 2009, the naira depreciated from N120 to N167 per dollar, significantly compounding Otedola’s already crushing debt.
According to a report by TheCable.ng, Otedola’s book discloses that the devaluation and financial crisis caused substantial losses, including around $480 million from the decline in oil prices, $258 million from the devaluation of the naira, $320 million in interest incurred, and an extra $160 million from declining stock prices. He was put to the test and his confidence in the stability of Nigeria’s financial systems was shaken by the experience.
Target from Darling of the Banks
Readers of Otedola’s book will also learn about a significant change in his interactions with Nigerian banks.
At one point, he was regarded as a “darling” by financial institutions, who courted him with alluring offers and even dispatched women to make him deposit his money. But when his fortunes turned against him, these same banks became antagonistic. Once eager to gain his business, the banks suddenly sent menacing individuals to his gate, the billionaire explains.
Relationships can swiftly turn sour when a businessman encounters financial difficulties, as revealed by the stark shift in tone. Otedola’s story demonstrates how uncertain trust may be in a banking environment where opportunism is common.
Influential leaders like Ngozi Okonjo-Iweala, Akinwumi Adesina, and Aliko Dangote have all found resonance in Otedola’s experience. Their admiration emphasizes how his experiences might teach business leaders and entrepreneurs throughout Africa.
