Banks Wooed Me with “Bewitching Ladies,” Then Sent “Barrel‑Chested Men” When I Crashed — Femi Otedola
In Making It Big: Lessons from a Life in Business, set for release on August 18, billionaire businessman Femi Otedola recounts an extraordinary tale of rise, fall, and reinvention. At the height of his financial success, Otedola says he was courted relentlessly by major Nigerian banks—charmed over dinners, offered lucrative deals, and persuaded using what he describes as “bewitching ladies.” These women, he writes, were strategically placed to make capital offerings more appealing and to sway business decisions in the banks’ favor. (Daily Trust)
But when the global oil price crash and naira devaluation began eroding his empire in 2009, the banks’ friendly overtures evaporated. In their place, he encountered “hefty, barrel-chested men” posted menacingly at his gate—symbols of the enforcement muscle deployed once he could no longer meet obligations. (Daily Post)
The crisis, says Otedola, began with a single business decision: he ordered diesel in late 2008 when crude oil hovered around US$147/barrel. By delivery, global prices had plunged to around US$40/barrel, turning his cargo into a multi-million dollar burden. (Daily Post) He had previously built Zenon Petroleum—later renamed Forte Oil—into one of Nigeria’s most dominant energy firms. What followed was a fast steed turned stranded burden.
Otedola offers a rare examination of relationship dynamics with financial institutions:
- Phase 1, Boom: Banks treated him as marquee business—sending persuasive agents, dinners, exclusive deals, and yes, “bewitching ladies.” (nairametrics.com, Tribune Online)
- Phase 2, Bust: The bankers no longer wooed—instead, they dispatched hefty men to pressure repayment. He viewed their behavior as a betrayal of previous courtesies. (CityMirrorNews)
His narrative highlights the transactional nature of the banking ecosystem—where high net-worth individuals are valued for profit potential but considered expendable in downturns.
Otedola’s personal downfall reflects broader institutional frailties in Nigeria’s economy:
- Heavy reliance on oil revenues made both private businesses and public finances vulnerable to global demand shocks. (makingitbigbook.com, The Nation)
- The devaluation of the naira compounded losses, as dollar-denominated liabilities ballooned overnight.
- Weak regulatory buffers, including surplus reserves or diversification strategies, amplified the collapse’s impact. (Vanguard Nigeria)
Otedola became one of many who saw fortunes evaporate due to structural instability rather than personal mismanagement alone.
Despite devastating losses, Otedola charted a path to recovery. He exited Forte Oil and pivoted toward power generation via Geregu Power PLC, eventually becoming the first publicly listed generation company in Nigeria. He also assumed the chairmanship of First Bank of Nigeria Holdings (FirstHoldCo), leading the bank through a profit surge. (nairametrics.com)
His turnaround strategy involved rapid debt clearance, asset restructuring, diversification, and investments in stable sectors. Rather than focus on redemption, Otedola reframes his story as a manual for entrepreneurs on how to endure and rebuild. (The Nation, makingitbigbook.com)
Since the book’s excerpts began circulating, reactions have been fervent:
- Business and financial media have lauded the memoir for exposing the transactional realities of corporate banking and resilience under systemic pressure. (thecable.ng)
- Analysts and commentators argue that Otedola’s experience should prompt introspection within Nigeria’s banking sector—especially regarding ethical conduct in client relationships during distress.
- Plenty of social media conversation both commends his candor and warns of the dangers of banking models that hinge on status rather than sustainable partnership.
Femi Otedola’s memoir is positioned to become a landmark in African business literature. The director-general of the WTO, Ngozi Okonjo‑Iweala, praised the book as a long-overdue contribution to entrepreneurial literature on the continent, hoping it inspires future generations. (thecable.ng)
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The memoir is more than autobiography—it is offered as a mentoring tool for aspiring African business leaders, blending hard-earned wisdom with transparency rarely found in billionaire narratives. (makingitbigbook.com)
Femi Otedola emerged from this saga bruised but unbroken. His tale offers a haunting lesson about wealth, risk, and the fickle nature of institutional loyalty. Yet, it also charts a course for recovery grounded in diversity, governance, and vision.
Making It Big is not just a narrative of loss—it’s a testament to possibility, one that offers hope to entrepreneurs navigating the unpredictable currents of emerging economies.