The startling revelation is contained in his upcoming memoir titled Making It Big: Lessons from a Life in Business, published by FO Books, and set for release on 18 August 2025.
In excerpts obtained by TheCable, Otedola chronicles how global economic turbulence—chiefly the crash in crude oil prices, the devaluation of the naira, and accumulating interest—plunged him into a financial crisis that wiped out hundreds of millions of dollars.
“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,” he wrote.
“It was devastating, like a terrible nightmare, but a nightmare would have been better: day would break, and I would wake up. There was no waking up from this.”
At the height of his business success, Otedola was a prized client in Nigeria’s banking sector.
“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 recalled.“They would send bewitching ladies to make their offers more convincing, and now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate, waiting for the moment I’d step out of my compound.”
Otedola’s rise began with Zenon Petroleum, which evolved from retailing diesel in drums to dominating Nigeria’s diesel distribution market. He later acquired African Petroleum and rebranded it into Forte Oil Plc, one of the top-performing stocks at the time.
But trouble struck in 2008 when he ordered a shipment of diesel at a time crude oil was selling at $147 per barrel. By the time the shipment arrived, global oil prices had crashed to $40, leaving his business severely exposed.
Adding to the blow was the devaluation of the naira in 2009, from N120 to N167 to the dollar, which worsened his debt portfolio. With high dollar liabilities and collapsing diesel prices, Otedola was hit with what he described as a financial “nightmare”.
Despite these challenges, Otedola’s story remains one of resilience. The memoir promises to delve deeper into the lessons and strategies he employed in bouncing back from the brink of collapse.
