Nigerian billionaire businessman and oil mogul, Femi Otedola, has offered a deeply personal and revealing account of his rise, fall, and resilience in his upcoming memoir, Making It Big: Lessons from a Life in Business, which is scheduled for release on August 18, 2025.
In excerpts from the book, published by FO, Otedola narrates how Nigerian banks once aggressively courted him at the height of his empire, deploying “bewitching ladies” to persuade him to take out massive loans and place deposits.
“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,” he wrote.
“They would send bewitching ladies to make their offers more convincing.”
But the tides turned when global oil prices plummeted, and the naira suffered a sharp devaluation. Otedola says he lost over $1.2 billion during the financial downturn—$480 million to falling oil prices, $258 million due to naira devaluation, $320 million in accruing interest, and $160 million when the stock market crashed.
“It was devastating, like a terrible nightmare,” he wrote. “But a nightmare would have been better: day would break, and I would wake up. There was no waking up from this.”
READ ALSO: Otedola Attributes ₦320bn Investment in First Bank to FG, CBN Reforms
He recalled the stark contrast between his days of financial glory and the period of decline, noting how the bankers who once flattered him disappeared, replaced by “hefty, barrel-chested men” who would show up at his gate as debt pressure mounted.
On July 17, Otedola shared a teaser of the memoir via his official X handle, describing the book as a collection of hard-earned lessons, setbacks, and triumphs that shaped his entrepreneurial journey.
“I look forward to opening this conversation with entrepreneurs and visionaries across the world,” he posted.
“And to seeing how these experiences might inspire your own journey forward.”
The memoir is anticipated to be a must-read for aspiring entrepreneurs, seasoned investors, and anyone interested in the behind-the-scenes challenges of building—and surviving—a billion-dollar business empire.