NIGERIAN billionaire and philanthropist, Femi Otedola has revealed stunning details of how banks that once lavished him with attention turned against him when his business empire crumbled in 2009, sending intimidating men to his doorstep.
In excerpts from his forthcoming memoir, “Making It Big: Lessons from a Life in Business,” due for release on August 18, 2025, seen by News Point Nigeria, Otedola narrates the rise and fall of his empire and the brutal shift in relationships once the money stopped flowing.
“One moment, I was the darling of the banks… they would send bewitching ladies to make their offers more convincing. And then, I was waking up to see barrel-chested men at my gate, waiting for me to step out,” he wrote.
Otedola’s troubles began in 2008, when he ordered a massive shipment of diesel at a time crude oil traded for $147 per barrel. But by the time the shipment arrived, prices had crashed to $40 per barrel, due to the global financial meltdown.
Combined with the devaluation of the naira from ₦120 to ₦167 per dollar, and plummeting stock prices, the businessman found himself facing financial ruin.
“All told, I lost more than $480 million to the plunge in oil prices, $258 million through naira devaluation, $320 million to accruing interest, and $160 million when the stocks crashed,” Otedola disclosed in the memoir.
“It was devastating, like a terrible nightmare but a nightmare would have been better. At least with nightmares, you wake up. This one never ended.”
At the peak of his career, Otedola dominated Nigeria’s downstream oil sector through Zenon Petroleum, later acquiring African Petroleum, which he rebranded as Forte Oil Plc, once among the top-performing companies on the Nigerian Stock Exchange.
But as the crisis hit, the same banks that had competed to do business with him offering loans, deposits, and lavish hospitality turned cold.
“The transformation was staggering. From being courted with gifts and promises to being treated like a criminal. They had no mercy,” he said.
Otedola’s memoir, published by FO Books, promises to offer not only the highs and lows of his journey but also valuable business lessons for young entrepreneurs and policymakers.
He shares how he rebuilt his empire, learned from his failures, and adapted to Nigeria’s volatile economic terrain.
Now back on top with renewed investments in energy and finance, the business mogul’s story is a reminder of the unpredictability of success and the ruthlessness of the systems behind it.
