KEY POINTS
- Otedola shares his painful journey through financial collapse.
- The 2008 oil price drop and naira devaluation triggered massive losses.
- His memoir highlights the importance of resilience in business.
In his new memoir, Making It Big: Lessons from a Life in Business, Nigerian millionaire and philanthropist Femi Otedola talks about how he went from being very successful in business to having a lot of financial problems. Otedola was formerly a key player in Nigeria’s energy business. He was known for Zenon Petroleum’s supremacy in the diesel market and for turning African Petroleum into Forte Oil Plc.
But a string of bad events in 2008, starting with the purchase of diesel when global oil prices hit $147 per barrel, affected the path of his commercial empire. When the shipment got there, oil prices had dropped below $40 per barrel, which started a chain reaction of financial losses. The naira’s drop in value from N120 to N167 per dollar in 2009 only made Otedola’s money problems worse.
Losing a lot of money and getting into a lot of debt
Otedola talks about how much he lost in his memoir. He thinks that the drop in oil prices cost him $480 million and the drop in the value of the naira cost him another $258 million. He also had to deal with $320 million in accrued interest and $160 million in losses on the stock market.
Otedola’s story shows how his relationship with Nigerian banks has changed dramatically. They used to try to win him over with big incentives. As his debts grew, the same banks turned against him, sending threatening collectors to his door instead of the friendly bank employees who used to work there.
A indication of health and strength
Important people like Ngozi Okonjo-Iweala, Akinwumi Adesina, and Aliko Dangote have already given Otedola’s memoir favorable praise. It will be out on August 18, 2025. These prominent people know how good Otedola is at navigating through what looked like unsolvable money challenges.
Otedola narrates the story of how he lost all his money in a very personal way. He also teaches future business leaders key lessons about how to bounce back, be strong, and keep going.
