How Banks Used ‘Bewitching’ Ladies to Woo Me for Deposits – Femi Otedola Shares His Business Journey

Nigerian billionaire and Chairman of First Bank of Nigeria Holdings Plc, Femi Otedola, has shared surprising details about his business journey in his soon-to-be-released memoir titled Making It Big: Lessons from a Life in Business.

The book is set to hit shelves on August 18, 2025, under his publishing label, FO Books.

In an exclusive preview obtained by TheCable, Otedola opened up about the highs and lows of his career from being highly sought after by banks to losing over $1 billion during tough economic times.

At the peak of his success, Otedola revealed that banks went to extreme lengths just to get his attention.

He said they wanted him to bank with them so badly that they sent “bewitching ladies” with tempting offers.

“At one point, I was the favourite of the banks. They did everything to win me over offering loans, seeking deposits, and even sending charming women to convince me,” he wrote.

Otedola’s fortune took a massive hit when global oil prices dropped, the naira was devalued, and the stock market crashed. These events had a serious impact on his businesses.

He broke down the losses in his book:

• Over $480 million lost due to falling oil prices
  
  
• Around $258 million lost from naira devaluation
  
  
• $320 million lost to loan interest
  
  
• $160 million lost in the stock market crash

In total, he lost more than $1 billion, which he described as worse than a nightmare.

“It was terrible. A nightmare would have been better because eventually, I would wake up. But there was no waking up from this,” Otedola wrote.

READ ALSO: ‘My Grandfather Died Poor’ – Made Kuti Says Fame Doesn’t Equal Fortune

He shared how quickly things changed after his financial troubles began. The same banks that once chased him became cold and aggressive.

He recalled waking up to find intimidating men guarding his gate, waiting for him to come out.

Another major blow came in 2008 when Otedola bought a shipment of diesel at $147 per barrel.

Unfortunately, by the time the shipment arrived, oil prices had dropped to $40. This bad timing added to his financial stress.

On top of that, the naira weakened from ₦120 to ₦167 per dollar in 2009, making it even harder to manage his foreign debts.

Otedola, known for building Zenon Petroleum and later transforming African Petroleum into Forte Oil, has now documented these real-life experiences in his memoir to share the lessons he learned.

JOIN THE CONVERSATION→ Telegram | X/Twitter | Facebook | WhatsApp|WhatsApp Channel|Mobile App|Instagram