Billionaire businessman, Femi Otedola, has recounted how some banks once deployed “bewitching ladies” to win his deposits, only to turn hostile when his fortunes took a nosedive in 2009.
The oil magnate made the revelation in his soon-to-be-released memoir, Making It Big: Lessons from a Life in Business.
In excerpts from the book obtained by TheCable, Otedola detailed how the 2008 global financial crisis — marked by a sharp crash in crude oil prices and a steep devaluation of the naira — pushed his businesses deep into debt.
He described how, during his peak, several banks courted him with charm and favours to secure his deposits, but their attitudes shifted dramatically when the economic downturn struck.
The memoir, which chronicles the highs and lows of Otedola’s career, offers a rare, candid look into the pressures, betrayals, and resilience that shaped his journey to becoming one of Nigeria’s most prominent entrepreneurs.
“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.
“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, 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.”
