- He disclosed that he lost $480 million to a sharp drop in oil prices and $258 million to naira devaluation from N120 to N167 per dollar
Femi Otedola, a Nigerian billionaire businessman, has recounted how his wealth took a massive hit and his fortunes dwindled considerably some years back.
The business mogul revealed that he saw his riches evaporate before his eyes after he lost a total of $898 in different business portfolios due to a series of events beyond his control in 2009.
He disclosed that he lost $480 million to a sharp drop in oil prices and $258 million to naira devaluation from N120 to N167 per dollar.
Otedola, now chairman of Geregu Power Plc and First Bank Nigeria Holdings, said he also lost another $160 million when the stocks crashed. The total figure of financial loss amounted to $898 million, according to the businessman.
He made the revelation in his upcoming memoir titled ‘Making It Big: Lessons from a Life in Business’, slated for release on August 18 2025.
In excerpts from the book, Otedola narrated that trouble began after his former company, Forte Oil Plc, ordered a diesel shipment in 2008, when crude oil was priced at $147 per barrel, and it was delivered after the market had crashed to $40 per barrel.
“All told, I lost more than US$480 million to the plunge in oil prices, US$258 million through the devaluation of the naira, US$320 million because of accruing interest, and another US$160 million when the stocks crashed,” Otedola narrated.
It would be recalled that Nigerian banks that once fawned over and pandered to Otedola during his financial peak discarded him and even became hostile after his business fortunes declined in 2009.
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