Nigerian billionaire businessman, Femi Otedola, has opened up about a fascinating chapter in his business journey, revealing how banks once sent “bewitching ladies” to court his favor when his empire was thriving.
In excerpts from his soon-to-be-released memoir, Making It Big: Lessons from a Life in Business — scheduled for release on August 18, 2025 — Otedola recounts how financial institutions went to extraordinary lengths to secure his deposits and offer him loans at the height of his success.
“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,” he wrote. “They would send bewitching ladies to make their offers more convincing…”
However, the oil tycoon also reflects on how his fortunes turned during a devastating financial downturn. Citing massive losses from the global oil price crash, naira devaluation, accruing interest, and a stock market slump, Otedola revealed he lost over $1.2 billion in total.
“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,” he wrote.
He recalled the dramatic shift from being wooed by banks to being hounded by debt collectors, saying he woke up to “hefty, barrel-chested men standing menacingly in front of my gate.”
Otedola’s business journey began with Zenon Petroleum and evolved into owning Forte Oil Plc after acquiring and rebranding African Petroleum. However, a major financial misstep in 2008 — ordering diesel at $147 per barrel which later crashed to $40 — triggered a debt spiral worsened by Nigeria’s foreign exchange crisis.
Despite the setbacks, Otedola’s memoir promises an unfiltered account of resilience, risk, and recovery in the often unforgiving world of business.
