Nigerian billionaire and oil magnate Femi Otedola has shared startling revelations about his rise, fall, and comeback in the business world — including how banks once used “bewitching ladies” to win his favour — in his forthcoming memoir titled Making It Big: Lessons from a Life in Business.
The book, scheduled for release on August 18, 2025, is published by FO Books and offers a rare glimpse into the private and professional battles of one of Africa’s most influential businessmen.
In excerpts seen by TheCable, Otedola recounts the devastating impact of a series of economic shocks, including the global crash in oil prices, the devaluation of the naira, and soaring interest rates that left his business empire in severe distress.
“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.
Otedola described the contrast between his heyday and his lowest moments, recalling how banks had previously courted him aggressively:
“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,” he added.
Otedola made his fortune through Zenon Petroleum, which grew from selling diesel in drums to controlling the largest share of Nigeria’s local diesel market. He later acquired African Petroleum, rebranding it into Forte Oil Plc, one of the top-performing stocks at the time.
However, a delayed shipment of diesel he ordered in 2008 — when crude sold at $147 per barrel — only arrived after prices plunged to $40, plunging him into heavy debt. The situation worsened with the 2009 devaluation of the naira from N120 to N167 per dollar, creating a double blow of low fuel prices and high foreign exchange liabilities.
Otedola’s memoir promises a candid look into the rewards and risks of business at the highest levels — and how he weathered a storm few knew the full extent of.
