Nigerian billionaire business man and philanthropist, Femi Otedola has disclosed that banks used “bewitching ladies” to entice him to make deposits and take out loans when his company was at its height.
The oil magnate revealed this information in his soon-to-be memoir, Making It Big: Lessons from a Life in Business, which will be released on August 18, 2025, and published by FO Books.
Excerpts obtained by TheCable indicate that the memoir also describes the challenging time in his career when a severe devaluation of the naira and a decline in global crude oil prices caused his companies to become deeply indebted and unsure.
It reads: “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.
“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.
“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. They would send bewitching ladies to make their offers more convincing, and now 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.”
Recall that the chairman of First HoldCo (Otedola) stated in a July 17 post on his X account that the book reflects the teachings that have influenced his life as an entrepreneur.
Otedola wrote, “I am excited to announce the forthcoming release of my new book, ‘Making it Big’ set to launch on August 18th.
“Just a month to go. The lessons, setbacks, and triumphs that shaped my path are almost ready for you.
“In these pages, I’ve shared the real stories – the moments of doubt, the breakthroughs, and the principles that guided me through it all.
“I look forward to opening this conversation with entrepreneurs and visionaries across the world, and to seeing how these experiences might inspire your own journey forward.”
