• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

‘Banks Sent Pretty Ladies To Me For Deposit, Asked Thugs To Recover Debt’, Billionaire Otedola Reveals

by Leadership News
2 seconds ago
in Business
‘Banks Sent Pretty Ladies To Me For Deposit
Share on WhatsAppShare on FacebookShare on XTelegram

Billionaire businessman and philanthropist, Femi Otedola, has opened up about the most turbulent period of his business career, recounting how Nigerian banks that once courted him with charm and offers turned hostile when his empire collapsed in 2009.

Advertisement

Otedola, whose rise to prominence began with Zenon Petroleum and later Forte Oil, gave an honest account of his financial crash in his memoir titled “Making It Big: Lessons from a Life in Business”, set to be released on August 18, 2025, by FO Books.

 

In excerpts from the book, Otedola painted a vivid picture of how a string of economic shocks, crashing oil prices, naira devaluation, and mounting interest on loans brought his once-flourishing empire to its knees.

 

RELATED

HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum

HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum

1 hour ago
CBN Anchors Economic Stability With New Rates

CBN Anchors Economic Stability With New Rates

2 hours ago

“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,” he wrote.

 

“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 recounted how banks, previously eager to do business with him, drastically changed their approach once he ran into financial distress.

 

“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, and take deposits from me. They would send bewitching ladies to make their offers more convincing,” he recalled.

 

“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.”

 

At the heart of his financial collapse was a diesel shipment ordered at the height of crude oil prices in 2008, when oil sold for $147 per barrel. Unfortunately, by the time the shipment arrived, the global oil market had crashed, and oil was trading at $40 per barrel. To make matters worse, the Nigerian naira was devalued from N120 to N167 per dollar, significantly increasing the cost of servicing his foreign loans.

 

The memoir, his first, has already attracted high praise from global economic heavyweights. Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), described the book as “a remarkable story of resilience and reinvention.” Akinwumi Adesina, President of the African Development Bank, called it “a must-read for Africa’s next generation of entrepreneurs.”

 

Other endorsements came from Africa’s richest man, Aliko Dangote; Samuel Adedoyin, founder and chairman of the Doyin Group of Companies; and Arunma Oteh, former vice president and treasurer of the World Bank.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Femi Otedola
SendShareTweetShare
Previous Post

BBNaija10: ‘I’ll Never Make Up With Victory Again’, Gigi Jasmine Reveals

Leadership News

Leadership News

You May Like

HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum
Business

HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum

2025/08/05
CBN Anchors Economic Stability With New Rates
Business

CBN Anchors Economic Stability With New Rates

2025/08/05
REA, Yobe Set To Convene Strategic Roundtable On 2023 Electricity Act
Business

REA, Esodora Sign MoU To Boost Energy Access Nationwide

2025/08/05
Abbey Mortgage Bank’s New Board Anticipates Growth
Business

Abbey Mortgage Appoints Okonkwo As ED

2025/08/05
Leadway Assurance Complies With 10-year Tenure Limits As New MD, ED Resume
Business

Leadway Assurance, Ecobank Partner On Tailored Insurance Solutions

2025/08/05
Linkage Assurance Unveils Third-Party Motor Insurance With Own Damage Cover
Business

Linkage Assurance Revenue Hits N22.2bn In 2024

2025/08/05
Leadership Conference advertisement

LATEST

‘Banks Sent Pretty Ladies To Me For Deposit, Asked Thugs To Recover Debt’, Billionaire Otedola Reveals

BBNaija10: ‘I’ll Never Make Up With Victory Again’, Gigi Jasmine Reveals

Tinubu Approves N4.2bn For 158 TETFund Research Projects

Remi Tinubu Donates ₦1bn To Niger Flood Victims

Alleged Serial Killer ‘Olori Esho’ Remanded Over Multiple Murder Cases In Lagos

Nigeria Wins Hosting Rights For 2nd African School Games In 2027

TVC’s Top Executive Morayo Afolabi-Brown Quits After 12 Years

WAEC Denies Results Cancellation, Requesting Scripts From Schools

UK Opens 2025 Chevening Scholarship Applications For Nigerians, Others

Brazil Court Places Ex-President Bolsonaro Under House Arrest

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.