Billionaire businessman Femi Otedola has disclosed that during the height of his business success, banks deployed “bewitching ladies” to lure him into placing deposits and taking loans.
Mr Otedola made the revelation in his forthcoming memoir titled Making It Big: Lessons from a Life in Business, published by FO Books and scheduled for release on August 18.
According to snippets obtained online, the oil magnate recounted how his financial empire, once thriving, was severely shaken by a combination of global oil price crashes and naira devaluation.
The book chronicles his rapid rise in the business world, as well as the financial storm that saw his fortune plummet by hundreds of millions of dollars.
He wrote, “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.”
Describing the impact of these losses, Otedola said the experience was more difficult than a nightmare, as there was no reprieve from the reality.
“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,” he wrote.
He further reflected on the drastic shift in his relationship with banks, saying, “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.”
On July 17, Otedola announced the upcoming release of the book on his X (formerly Twitter) page, describing it as a reflection of his journey through setbacks and triumphs.
“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,” he wrote.
Otedola, who is the chairman of FBN Holdings, said he hopes the memoir will inspire entrepreneurs and business leaders across the globe.