Billionaire entrepreneur and current Chairman of First Bank of Nigeria Holdings Plc, Femi Otedola, has recounted how financial institutions once went to astonishing lengths in their quest to attract his business—most notably by deploying captivating women to persuade him into depositing his funds.
The revelation is one of several intriguing anecdotes shared in his soon-to-be-released memoir, Making It Big: Lessons from a Life in Business, scheduled for publication on August 18, 2025, under his imprint, FO Books.
In exclusive excerpts obtained by TheCable, the oil magnate delved into the highs of his financial success as well as the harsh downturns he endured over the years. Among the more eye-catching accounts, Otedola described how banks would go to extraordinary lengths to court his favour during his most prosperous period.
According to him, at the height of his wealth and influence, banks were so determined to gain his patronage that they often sent “bewitching ladies” to entice him with offers too tempting to ignore. These attractive emissaries were part of elaborate strategies to secure his deposits and 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. They would send bewitching ladies to make their offers more convincing,” Otedola wrote.
However, his financial empire took a significant hit following the collapse of global oil prices and a sharp devaluation of the naira, marking a dark chapter in his entrepreneurial journey.
The businessman revealed that he lost over $1 billion as a result of a mix of factors: the global oil price crash, volatile foreign exchange rates, accumulated loan interest, and plummeting stock values.
“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.”
He also reflected on the irony of how those same banks that once welcomed him with open arms later turned hostile. The tone of their engagement shifted drastically, from hospitality to intimidation.
“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,” he recalled.
Otedola, whose legacy includes founding Zenon Petroleum and transforming African Petroleum into what became the now-defunct Forte Oil Plc, also narrated a pivotal misstep during the 2008 oil price crash. A diesel shipment he purchased when oil was trading at $147 per barrel arrived after the price had plummeted to just $40—magnifying his financial woes.
To compound matters, the devaluation of the naira from ₦120/$ to ₦167/$ in 2009 significantly eroded his revenue streams while ballooning his foreign debt obligations, plunging his once-thriving business empire into crisis.