Billionaire businessman Femi Otedola has shared how banks once sent “bewitching ladies” to win his favour and secure his deposits and loans during the peak of his business success.
He made this revelation in his upcoming memoir, Making It Big: Lessons from a Life in Business, published by FO Books and set to be released on August 18, 2025.
In excerpts obtained by TheCable, the oil tycoon recounted how various financial setbacks — including a global drop in crude oil prices and the naira’s devaluation — plunged his businesses into heavy debt and severe pressure.
“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.
“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 wrote.
He recounted how drastically his fortunes changed, 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.”
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