In a rare moment of vulnerability, billionaire businessman Femi Otedola has shared the story of how he lost nearly N200 billion during one of the most turbulent periods of his career. His account, revealed in his newly released memoir Otedola: An Autobiography, details how a combination of global oil shocks, currency devaluation, and missed opportunities in the stock market nearly destroyed his empire.
The oil magnate, widely known for his role in Nigeria’s energy and financial sectors, recounted how what appeared to be a season of prosperity quickly turned into a devastating financial collapse.
The Oil Crash That Sparked a Domino Effect
Otedola’s troubles began in 2008, when international crude prices soared to an unprecedented $147 per barrel. Buoyed by optimism and confident that the upward trend would continue, he placed an ambitious $500 million order of diesel through his company, Zenon Petroleum & Gas, for import into Nigeria.
But just as the order was in transit across the high seas, the global oil market suffered a historic crash. Prices plunged to $37 per barrel, erasing billions of dollars in value.
“The diesel I had purchased at astronomical rates was already en route. By the time it landed, it was worth only a fraction of what I had paid,” Otedola recalled. “At that moment, I said to myself, ‘I’m finished.’”
The situation worsened as Nigeria’s foreign exchange market crumbled under the weight of declining oil revenues. The Central Bank of Nigeria (CBN) devalued the naira, meaning that loans Otedola had secured at N117/$1 now had to be repaid at N165/$1. Almost instantly, his debt obligations ballooned.
“In that period, I watched N60 billion vanish, along with N40 billion in interest payments,” he said.
A Costly Missed Exit in the Stock Market
The oil crash was only one part of the crisis. Otedola was also a major investor in Nigeria’s financial sector, with substantial stakes in Zenith Bank and UBA.
At one point, he owned 2.3 billion shares in Zenith Bank, representing an 8% stake, and another 6% in UBA. He bought Zenith shares at N12, watching them soar to N60, an appreciation that could have netted him a staggering N191 billion had he sold at the peak.
But he held on, convinced the rally would continue.
When the global financial crisis of 2008 struck, share prices collapsed alongside crude oil, leaving his once-massive holdings almost worthless.
“It remains one of my biggest regrets,” Otedola admitted. “If only I had listened to my instincts and exited at the right time.”
Debt, Despair, and the Road to AMCON
By the time the economic storm settled, Otedola’s debts had swelled to N220 billion. Faced with mounting pressure from creditors, he had little choice but to seek help.
The rescue came in the form of the Asset Management Corporation of Nigeria (AMCON), the government body created to absorb toxic bank assets after the crisis.
As part of the settlement, Otedola gave up an array of prized assets:
Luxury estates in Lagos, Abuja, and Port Harcourt
Extensive filling station networks and truck parks
Storage tank farms in Apapa
Large holdings in major banks and oil companies
Even his Bombardier private jet
“It was my lifeboat in the storm,” Otedola wrote. “I had to accept reality. If you sink, you sink. But if you grab a preserver, you stand a chance to float. I gave it all up to start again.”
Lessons from the Fall
While the episode marked one of the darkest periods of his career, Otedola says it was also transformational.
The ordeal forced him to reassess his approach to business, rebuild his fortune with more caution, and embrace resilience in the face of adversity.
“Losing everything gave me perspective. It humbled me, but it also renewed my discipline and determination,” he reflected.
Today, Otedola has successfully reinvented himself. He now serves as the Chairman of FBN Holdings Plc, one of Nigeria’s largest financial institutions, and remains an influential player in the country’s economic landscape.
A Reminder of the Market’s Brutality
Otedola’s memoir underscores an important lesson: even billionaires are not shielded from the unpredictable swings of global markets. For many Nigerians who have followed his career, his story serves as both a cautionary tale about overconfidence and a source of inspiration about resilience.
By baring the details of his near-collapse, Otedola offers a rare glimpse into the vulnerability behind his public image a reminder that in business, fortune can shift in an instant.
