Business News Editor
By Dave Munachi
Billionaire entrepreneur Femi Otedola has shared a gripping account of how banks drastically changed their behavior toward him when his business empire suffered a major collapse in 2009. The revelation comes from his soon-to-be-released memoir titled Making It Big: Lessons from a Life in Business.
In excerpts obtained by TheCable,
disclosed this in his forthcoming memoir, ‘Making It Big: Lessons from a Life in Business.’
the renowned oil magnate painted a vivid picture of how his world turned upside down following a brutal combination of global oil price crashes and the naira’s devaluation. The financial storm pushed his businesses deep into debt, wiping out hundreds of millions of dollars in the process.
According to Otedola, he lost over $1.2 billion due to the crisis — $480 million from plummeting oil prices, $258 million from the naira crash, $320 million in accumulating interest, and another $160 million from a stock market collapse.
He described the experience as soul-crushing:
“It wasn’t just a bad dream — it was reality that never ended. I lost everything I had built. The stress was overwhelming.”
At the height of his success, Otedola said, banks showered him with attention, competing for his favor by offering irresistible deals and even sending attractive women to pitch their offers. But when his fortune evaporated, their approach took a dark turn.
“Suddenly, I was no longer the prized client,” he wrote. “Gone were the glamorous ladies and business pleasantries. In their place stood intimidating, muscle-bound men at my gate — ready to hound me over unpaid debts the moment I stepped outside.”
The shift in treatment, he said, was a harsh reminder of how quickly admiration can turn to aggression when wealth disappears.
Otedola’s memoir promises to offer raw insight into the highs and lows of entrepreneurship, the dangers of over-leveraging, and the fickle nature of corporate loyalty. His story stands as a powerful cautionary tale for business leaders navigating the ever-volatile world of finance.
