Billionaire Femi Otedola Spills on Seductive Bank Tactics and Business Collapse in Explosive Memoir
In a stunning revelation, Nigerian billionaire and oil magnate Femi Otedola has opened up about the highs and crushing lows of his business journey — including how banks once sent “bewitching ladies” to secure his patronage when he was riding high on financial success.
The shocking detail is part of Otedola’s upcoming memoir titled “Making It Big: Lessons from a Life in Business”, set to be released on August 18, 2025 by FO Books.
From Financial Darling to Billion-Dollar Debt
At the height of his empire, Otedola was regarded as one of Nigeria’s most powerful businessmen. His company, Zenon Petroleum, dominated diesel sales in Nigeria, and he later acquired and rebranded African Petroleum to Forte Oil Plc, turning it into one of the highest-performing stocks on the Nigerian Stock Exchange.
But Otedola’s meteoric rise came crashing down in the late 2000s, when a perfect storm of global oil price crashes, naira devaluation, and ballooning debt threatened to wipe out everything he built.
In excerpts of the memoir obtained by TheCable, he writes:
“All told, I lost more than US$480 million to the plunge in oil prices, US$258 million through the devaluation of the naira, US$320 million because of accruing interest, and another US$160 million when the stocks crashed.”
“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.”
“Banks Sent Bewitching Ladies to Woo Me”
Otedola paints a vivid picture of how financial institutions were eager to do business with him when his star was shining brightest.
“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.”
Then, the bombshell:
“They would send bewitching ladies to make their offers more convincing.”
But as his financial situation deteriorated, the same banks that once flattered him turned on him:
“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.”
A Costly Shipment and the Fall That Followed
Otedola traced one of the biggest triggers of his collapse to a diesel shipment he ordered in 2008, when crude oil was trading at $147 per barrel. Unfortunately, the shipment didn’t arrive until the price had plummeted to $40 per barrel, creating a devastating loss.
Coupled with this was the devaluation of the naira in 2009 from N120 to N167 per dollar, which drastically inflated his dollar-denominated debts.
The combination of crashing oil prices, exchange rate volatility, and high-interest liabilities threw his empire into turmoil.
A Lesson for Every Nigerian Entrepreneur
Otedola’s memoir doesn’t just tell a story of wealth and power; it’s a cautionary tale of how quickly fortunes can change in business — and how relationships with financial institutions can be fickle.
It also offers a rare look into the darker side of corporate Nigeria, where charm and seduction are sometimes used as tools in high-stakes financial negotiations.
Why This Memoir Matters
For young entrepreneurs, business leaders, and everyday Nigerians, Making It Big promises to be more than a memoir — it’s a roadmap of what to do, and perhaps more importantly, what not to do, when building a business empire in Africa.
It’s also a gripping personal story from a man who had it all, lost it all, and still found a way to bounce back.
Conclusion: Beauty, Banks, and Billion-Dollar Blunders
Femi Otedola’s tale reminds us that in business, everything can change in an instant. One day, you’re being courted with luxury and allure; the next, you’re facing threats and legal battles.
The billionaire’s transparency in sharing his struggles adds a powerful dimension to his legacy—and may well serve as the wake-up call Nigerian entrepreneurs need.
