“They would send bewitching ladies to make their offers more convincing,” Otedola writes in his new memoir detailing the highs and lows of his business empire.
Billionaire businessman Femi Otedola has revealed that during the peak of his wealth, banks sent “bewitching ladies” to convince him to deposit funds or take loans. The oil magnate made the claim in his forthcoming memoir, Making It Big: Lessons from a Life in Business, to be released August 18, 2025.
“One moment, I was the darling of the banks… They would send bewitching ladies to make their offers more convincing,” he wrote.
Otedola recounted how the 2008 global oil crash, naira devaluation, and rising interest rates pushed his businesses into crisis. “I lost more than US$480 million to the plunge in oil prices… It was devastating, like a terrible nightmare.”
Once at the helm of Zenon Petroleum and Forte Oil, Otedola was hit hard when a diesel shipment he ordered at $147 per barrel arrived after the price dropped to $40.
His memoir details his rise, fall, and survival—offering a rare look into the pressures behind Nigeria’s boardroom doors.