Nigerian billionaire businessman and philanthropist, Femi Otedola, has recounted how banks that once courted him with flattery and incentives turned aggressive during his financial downfall in 2009.
In excerpts from his upcoming memoir, Making It Big: Lessons from a Life in Business, obtained by TheCable, Otedola detailed his dramatic business trajectory — from dominating Nigeria’s oil and gas sector to struggling under the weight of massive debts.
The former chairman of Forte Oil Plc said his company, Zenon Petroleum, had grown rapidly from selling diesel in drums to becoming the market leader in Nigeria. His subsequent acquisition and transformation of African Petroleum into Forte Oil marked a peak in his business success.
However, the tide turned in 2008 when a major diesel shipment he had ordered at $147 per barrel arrived after global oil prices had crashed to $40. The blow was compounded by the naira’s devaluation from ₦120 to ₦167 per dollar, pushing his businesses into serious financial distress.
“In total, I lost over $480 million due to the crash in oil prices, $258 million from the naira devaluation, $320 million in interest on debts, and another $160 million from a stock market slump,” he wrote.
Otedola described the period as a harrowing experience. “At one point, I was the banks’ golden boy. They were eager to do business with me, offering loans and collecting deposits. To make their proposals more appealing, they even sent attractive women to persuade me,” he said.
“But when my fortunes changed, so did their attitude. I began waking up to intimidating, barrel-chested men standing at my gate, waiting for me to step outside.”
The memoir, set for release in August, offers rare insight into the volatility of high-stakes business in Nigeria and the personal cost of financial collapse.
