KEY POINTS
- Otedola lost over US$1 billion after the 2008 oil crash.
- He says banks once used beautiful women to court him.
- The same banks later sent ‘thugs’ to intimidate him.
Femi Otedola, the Nigerian billionaire and former oil magnate, has opened up about the harrowing period in his life when his fortune collapsed and banks that once courted him became hostile.
Excerpts from his upcoming memoir, Making It Big: Lessons from a Life in Business, reveal how financial institutions, which had previously sent “bewitching ladies” to pitch their services, instead sent “barrel-chested men” to his gate when his business collapsed.
Otedola says banks sent thugs after crash
At the height of his empire, Otedola’s Zenon Petroleum commanded the largest diesel market share in Nigeria. His acquisition of African Petroleum, rebranded as Forte Oil, further cemented his status in the energy sector.
But the 2008 oil price crash—plunging from $147 to $40 per barrel—alongside the naira’s sharp devaluation in 2009, dismantled the foundation of his fortune.
“Altogether, I lost over US$1.2 billion,” he wrote, citing the oil price slump, naira devaluation, interest accrual, and stock market crash.
He also revealed the psychological toll of being hounded by aggressive bank agents despite his previous status as their prized client.
Memoir exposes the darker side of business ties
According to The Cable, in the memoir, slated for release on August 18 by FO Books, Otedola recalls the personal betrayal he felt when banks that had once praised him resorted to intimidation. “It was devastating, like a terrible nightmare,” he said, describing how the same banks that once wooed him with charm turned to threats when his finances fell apart.
The book has already attracted acclaim from top figures such as WTO Director-General Ngozi Okonjo-Iweala, AfDB President Akinwumi Adesina, and Aliko Dangote.
