Nigerian billionaire businessman, Femi Otedola, has shared startling revelations about the highs and lows of his business empire, including how banks once deployed attractive women to secure his attention, deposits, and loan deals.
The oil magnate made the disclosure in his forthcoming memoir titled Making It Big: Lessons from a Life in Business, set for release on Monday, August 18, 2025, under his publishing imprint, FO Books.
In excerpts obtained by TheCable, Otedola recounted a dramatic fall from grace following a string of financial disasters that rocked his businesses, including a plunge in global oil prices and the devaluation of the naira.
“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,” he wrote. “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.”
Reflecting on his peak years, Otedola described how banks aggressively pursued his business, going as far as sending “bewitching ladies” to convince him to take or deposit funds. “One moment, I was the darling of the banks, who did everything in the world to court me… They would send bewitching ladies to make their offers more convincing,” he said. “But then 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 rise to prominence began with Zenon Petroleum, a company that grew from selling diesel in drums to commanding the largest market share in Nigeria’s downstream oil sector. He later acquired and rebranded African Petroleum as Forte Oil Plc, which at its peak was one of the top-performing stocks on the Nigerian Stock Exchange.
However, his turning point came in 2008, when he placed an order for diesel while crude oil was selling at $147 per barrel, only for the shipment to arrive after the price had crashed to $40. This, combined with the naira’s devaluation from ₦120 to ₦167 to the dollar in 2009, plunged him into staggering debt and financial turmoil.
The memoir promises an unfiltered look into Otedola’s business journey, with powerful lessons on risk, resilience, and reinvention.
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