More Than a Gift: Femi Otedola Reveals the 3 Real Reasons He Bought Ferraris for DJ Cuppy and Her Sisters
Why did Femi Otedola buy his daughters Ferraris worth £810k? In his new memoir, the billionaire reveals the three strategic reasons, from boosting their personal brands to rewarding their responsible lifestyles. Read the full story.
LAGOS, NIGERIA – Nigerian billionaire Femi Otedola has finally revealed the calculated thinking behind one of the most talked-about viral moments of 2020: when he gifted his three daughters, Tolani, Temi, and Florence (DJ Cuppy), with brand-new Ferrari Portofinos worth a combined £810,000 (over N1.5 billion).
The gesture, immortalized in photos of the sisters posing with their pastel-coloured luxury cars, sparked a massive public debate. In an excerpt from his new memoir, Making it Big, the 62-year-old business magnate explained that the decision was far from an impulsive splurge, but a multi-layered act of fatherhood and business strategy.
“There were those who praised me, friends who said I had put them under pressure from their own children, and critics who claimed I was over-pampering my daughters,” Otedola wrote, acknowledging the mixed reactions. He clarified, “I did not just wake up one day and decide to buy Ferraris for my kids. A lot of thinking went into it. In fact, I had been planning it since March 2018.”
Here are the three strategic reasons Otedola gave for the lavish gifts.
Reason 1: A Masterclass in Personal Branding
Otedola explained that with his daughters pursuing careers in the highly competitive creative economy—music, film, and fashion—their personal brand is a crucial asset. He saw the Ferraris not just as cars, but as powerful branding tools.
To illustrate his point, he shared a fascinating story from 1996 about a young furniture maker, Tayo Tabansi, who visited him for a business deal driving an old Volkswagen Jetta.
“Perceiving him as still struggling, Otedola cut his fee in half,” the book reveals. He later advised Tabansi that arriving in a more impressive car, such as a Mercedes, would create a stronger perception of success. Otedola even sold him his own Mercedes at a discount. That artisan went on to build Svengali Designs, one of Nigeria’s leading furniture brands—a transformation Otedola partly credits to understanding the power of branding. For his daughters, the Ferraris were meant to serve the same purpose: to project success and command respect in their fields.
Reason 2: A Test of Financial Responsibility
The billionaire stressed that he would never have made the purchase if he wasn’t convinced his daughters could afford the significant upkeep. He had consistently reviewed their business cash flows and was confident they could shoulder the financial responsibility that comes with owning a supercar.
“I made the first insurance payment, and they have paid for the subsequent ones,” Otedola wrote. “There is thus a level of responsibility and commitment that came with this gift. If they were working regular 9-to-5 jobs and unable to cover the insurance and maintenance costs, I would never have bought them Ferraris.”
This condition ensured the gift was not a passive handout but an asset they had to actively and responsibly manage.
Reason 3: A Reward for Character and Discipline
Finally, Otedola admitted the purchase was a profound expression of fatherly pride. He felt his daughters had earned the indulgence by demonstrating maturity, discipline, and strong family values.
He praised them for being “well-behaved and grounded,” highlighting their close bond with him and their willingness to listen to his counsel. In industries where many young people are often lured by “drugs and reckless lifestyles,” he saw their responsible conduct as something worth rewarding.
“I could not have asked for more as a parent,” he concluded.
A Lesson in Wealth and Legacy
For Otedola, who had admired Ferraris as a young man but could never afford one, the ability to walk into a London dealership and order three at once was a full-circle moment. He sees luxury not just as a pleasure but as “potential seed capital”—assets that can be leveraged for business opportunities.
Ultimately, he shared that the gesture was rooted in a simple philosophy. When his wife questioned the purchase, he simply replied, “Let them enjoy their lives.” For Otedola, the joy of wealth lies in sharing it, and the Ferraris were a tangible symbol of his love, pride, and strategic belief in his daughters’ futures.
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