Nigerian billionaire and oil magnate Femi Otedola has revealed how, at the height of his business success, commercial banks deployed attractive women to entice him into placing deposits and taking out loans.
Otedola shared this in his soon-to-be-released memoir titled “Making It Big: Lessons from a Life in Business”, which is scheduled for release on August 18, 2025, under his publishing imprint, FO Books. Excerpts from the book, obtained by TheCable, offer a rare insight into the businessman’s financial highs and the subsequent storm that nearly wrecked his empire.
Reflecting on his rise and fall, Otedola wrote:
“All told, I lost more than $480 million to the plunge in oil prices, $258 million through the devaluation of the naira, $320 million due to accruing interest, and another $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.”
He detailed how banks, once eager to do business with him, used every means possible—including charm and seduction—to secure his patronage.
“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.
“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.”
In a previous post on his X (formerly Twitter) handle dated July 17, the First Bank Holdings Chairman hinted at the book’s upcoming launch. He described it as a candid recollection of the trials, triumphs, and key lessons that have shaped his journey as an entrepreneur.
“I am excited to announce the forthcoming release of my new book, ‘Making it Big,’ set to launch on August 18th. Just a month to go. The lessons, setbacks, and triumphs that shaped my path are almost ready for you,” he wrote.
“In these pages, I’ve shared the real stories – the moments of doubt, the breakthroughs, and the principles that guided me through it all. I look forward to opening this conversation with entrepreneurs and visionaries across the world, and to seeing how these experiences might inspire your own journey forward.”
Otedola’s memoir is already generating buzz, promising a deep and personal look into the rollercoaster world of business, risk, and resilience.