KEY POINTS

• Femi Otedola shares his rise and fall in the Nigerian business world in his upcoming memoir, detailing how banks that once courted him became hostile when his business collapsed.

• A major diesel shipment ordered during the 2008 oil boom arrived when prices had crashed, contributing to his massive financial losses.

• Despite losing over $480 million, Otedola’s story is one of resilience, offering key lessons on navigating adversity in business.

Femi Otedola, a billionaire businessman and philanthropist, has vividly recounted his turbulent journey through the business world, revealing how the very banks that once courted him turned hostile when his fortunes began to falter in 2009.

The Nigerian mogul’s rise to prominence began with Zenon Petroleum, a company that grew from selling diesel in small quantities to commanding a substantial share of the local market. He further expanded his empire by acquiring African Petroleum, later rebranding it as Forte Oil Plc, which became one of the top-performing stocks in the market.

However, The Cable reports that global financial crisis of 2008 proved to be a devastating blow. Otedola had placed a major order for diesel in 2008, when crude oil prices were at a staggering $147 per barrel. By the time the shipment arrived, the price of oil had plummeted to $40, leaving Otedola with a massive financial burden.

The economic downturn was compounded by a significant devaluation of the Nigerian naira from N120 to N167 to the dollar in 2009, worsening his already precarious situation.

As he explains in his forthcoming memoir, Making It Big: Lessons from a Life in Business, Otedola lost more than $480 million due to the falling oil prices, another $258 million from the naira’s devaluation, and hundreds of millions more from mounting interest and stock losses. “It was devastating, like a terrible nightmare,” he writes. “One moment, I was the darling of the banks, and the next, I was waking up to the sight of menacing thugs standing in front of my gate.”

The bankers who once courted him

In his book, Otedola reflects on the stark contrast between his early days as a respected business figure and the dark reality that followed. Once, banks went to great lengths to court him, sending attractive saleswomen to persuade him to invest, take loans, and deposit funds. But when his business collapsed, those same banks turned on him. “They would send hefty, barrel-chested men to intimidate me into paying up,” he recalls. “There was no escape, no waking up from this nightmare.”

Despite his financial downfall, Otedola’s story is one of resilience. The billionaire shares that his losses were substantial but not the end of his journey. He stresses the importance of learning from mistakes, and his ability to navigate through adversity eventually led to new opportunities. His book, scheduled for release on August 18, 2025, has already garnered praise from influential figures like Ngozi Okonjo-Iweala, Akinwumi Adesina, and Aliko Dangote.

Otedola’s narrative serves as a poignant reminder of the volatility of business, especially in a country where external factors like fluctuating oil prices and currency devaluation can topple even the mightiest empires. His story is one of grit, perseverance, and the harsh lessons learned from losing everything—only to rise again.