Billionaire businessman Femi Otedola has revealed in his forthcoming memoir, “Making It Big: Lessons from a Life in Business,” that banks once deployed attractive ladies to woo him for deposits and loans when his business empire was thriving.
Gatekeepers News reports that Otedola made the disclosure while recounting his experiences during a series of financial crises that left his businesses deeply indebted.
“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,” Otedola wrote in excerpts from the book seen by TheCable.
“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’s business empire, which included Zenon Petroleum and African Petroleum (later rebranded as Forte Oil Plc), was once one of the highest-performing companies in the stock market. However, a diesel shipment he ordered in 2008 when crude oil was $147/barrel did not arrive until the price had crashed to $40, plunging him into massive debt. The devaluation of the naira from N120/dollar to N167 in 2009 further exacerbated his financial woes.
According to Otedola, he lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, $320 million in accruing interest, and another $160 million when the stocks crashed.
“It was devastating, like a terrible nightmare, but a nightmare would have been better: day would break, and I would wake up. There was no waking up from this,” he wrote.
Otedola’s memoir, scheduled for release on August 18, 2025, promises to offer valuable insights into the business world and the challenges faced by entrepreneurs.
