Billionaire investor and philanthropist Femi Otedola has shared a rare insight into the darkest period of his business career, revealing how banks that once treated him with respect turned aggressive when his fortune crashed in 2009.
Speaking on the collapse of his oil business empire at the time, Otedola said some banks went as far as using attractive ladies to get deposits from him when he was riding high. But when the tides turned, those same institutions allegedly sent thugs and policemen after him to recover debts.
Otedola rose to prominence through his company Zenon Petroleum, which grew from selling diesel in drums to becoming a dominant force in Nigeria’s downstream sector. He later acquired African Petroleum, transforming it into Forte Oil Plc, one of the best-performing companies on the Nigerian Stock Exchange at the time.
But in 2008, his empire began to unravel. A diesel shipment he ordered when crude oil was $147 per barrel didn’t arrive until the price had crashed to just $40, resulting in massive financial losses. By 2009, Nigeria’s currency had also been devalued from N120 to N167 per dollar, further compounding his debts.
Otedola described the period as a turning point in his life, adding that it taught him painful but valuable lessons about loyalty and resilience in the business world.
In his forthcoming book, Making It Big: Lessons from a Life in Business, published by FO Books and set for release on August 18, 2025, Femi Otedola recounts how the crash in crude oil prices and the devaluation of the naira together pushed his business into debt and turmoil.
“In total, I lost over US$480 million due to the drop in oil prices, US$258 million from the naira’s devaluation, US$320 million in accumulating interest, and an additional US$160 million when the stock market crashed,” he wrote in the book excerpts obtained by TheCable.
“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.
“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. 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 debut book has drawn praise from several prominent figures, including Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO); Akinwumi Adesina, President of the African Development Bank Group; Aliko Dangote, President of the Dangote Group; Samuel Adedoyin, Founder and Chairman of the Doyin Group of Companies; and Arunma Oteh, former Vice President and Treasurer of the World Bank.