Femi Otedola’s memoir reveals how oil crash wiped out millions, banks used ‘bewitching ladies’ to woo him, and how he fought back from devastating losses

Femi Otedola’s memoir is set to make waves across Nigeria’s business and financial sectors as the billionaire businessman opens up about the high-stakes rise and fall of his empire in his upcoming autobiography, Making It Big: Lessons from a Life in Business, to be released on August 18, 2025.

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In exclusive excerpts seen by TheCable, the oil tycoon recounts the turbulent financial storm that nearly crushed his wealth, including a total estimated loss of over $1.2 billion.

“It was devastating, like a terrible nightmare,” Otedola wrote. “But a nightmare would have been better: day would break, and I would wake up. There was no waking up from this.”

The memoir details how Otedola, then one of the most sought-after names in Nigeria’s banking sector, became the subject of intense lobbying by banks—so much so that they sent “bewitching ladies” to charm him into placing deposits or accepting loans.

“They would send bewitching ladies to make their offers more convincing,” Otedola stated.

“And now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate.”

The Femi Otedola’s memoir dives deep into the crisis triggered by the 2008 global oil price crash, which dropped crude oil from $147 to $40 per barrel—right after he placed a massive diesel order.

Compounding the crisis was the Naira devaluation from N120/$ to N167/$, causing his dollar debts to swell overnight.

His losses were staggering:

• $480 million to the oil price plunge
• $258 million due to naira devaluation
• $320 million in interest
• $160 million from the stock market crash

Otedola’s rise to prominence began with Zenon Petroleum, which transformed diesel sales from roadside drums into a nationwide enterprise.

He later acquired African Petroleum, rebranding it to Forte Oil Plc, which once led the Nigerian stock market in performance.

But the financial tsunami he faced brought him to the brink, both emotionally and economically.

“One moment, I was the darling of the banks… the next, I was public enemy number one,” he recalls.

More than just a story of financial tragedy, the Femi Otedola’s memoir is a reflection on resilience, humility, and recovery.

It paints an unfiltered picture of what it means to navigate power, wealth, and public perception during extreme highs and devastating lows.

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The book is expected to be one of the most candid and powerful business memoirs out of Africa, with lessons relevant to entrepreneurs, bankers, policymakers, and everyday Nigerians.