Nigerian billionaire businessman, Femi Otedola, has shared how banks deployed “bewitching ladies” to win his deposits and loan deals during the height of his business success.
Naija News reports that Otedola revealed this in his forthcoming memoir titled ‘Making It Big: Lessons from a Life in Business’, which is yet to be released to the public.
In excerpts from the memoir seen by TheCable, Otedola recounted how multiple financial crises, including the global crash in crude oil prices, devaluation of the naira, and stock market collapse, wiped out a significant portion of his wealth, leaving his businesses deeply indebted.
“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,” Otedola wrote.
Describing the drastic change in his fortunes, Otedola said banks once went to great lengths to do business with him.
“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 said.
“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.”
From Diesel Drums to Mega Business Empire
Naija News reports that Otedola shot to prominence with Zenon Petroleum, which grew from selling diesel in drums to commanding the largest share of the local diesel market.
He later expanded by acquiring African Petroleum, rebranding it as Forte Oil Plc, which became one of the best-performing stocks on the Nigerian Exchange at its peak.
Trouble began in 2008 when Otedola ordered a massive diesel shipment while crude oil traded at $147 per barrel, only for the shipment to arrive after prices had crashed to $40 per barrel.
Coupled with falling forex inflows and a naira devaluation from ₦120/$ to ₦167/$ in 2009, his businesses faced low diesel prices and high dollar liabilities, plunging him into massive debt.
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