(In Nigeria) Banks sent pretty ladies to woo me for deposits - Femi Otedola

Nigerian billionaire Femi Otedola has revealed the extraordinary lengths banks once went to in order to secure his business during the peak of his financial success. In his upcoming memoir, Making It Big: Lessons from a Life in Business, scheduled for release on August 18, 2025, Otedola recounts how financial institutions sent “bewitching ladies” to charm him into depositing funds or taking loans. At the time, he was a highly sought-after figure, with banks eager to associate with his flourishing oil and energy ventures.

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However, this period of prosperity was short-lived. Otedola writes that global oil price crashes, currency devaluation, and soaring interest obligations soon dragged his empire into deep financial distress. He lost more than $1 billion across various fronts, and his once-welcoming bankers were replaced by aggressive debt collectors. “It was devastating, like a terrible nightmare,” he recalls marking a dramatic fall from grace for one of Nigeria’s most prominent businessmen.

Otedola’s financial collapse, as described in his memoir, began with a miscalculated diesel shipment in 2008. The cargo, ordered when oil prices stood at $147 per barrel, arrived only after the price had nosedived to $40, leading to enormous losses. This was compounded by a sharp devaluation of the naira from N120 to N167 per U.S. dollar which inflated his dollar-denominated debts and put immense pressure on his businesses.

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The oil mogul estimates losses of $480 million from the price crash, $258 million due to currency devaluation, $320 million in interest accrual, and another $160 million from a stock market slump. Once a dominant force in Nigeria’s energy sector with Zenon Petroleum and Forte Oil, Otedola became a case study in financial vulnerability. Despite the crushing setbacks, his memoir reflects not only on the dangers of high-stakes investing but also on resilience, offering personal insights into navigating extreme financial turbulence in a volatile global economy.