Billionaire businessman, Femi Otedola, has revealed how Nigerian banks deployed attractive women to win his favour when his business was booming, but turned on him with aggression when he faced financial collapse.
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In excerpts from his forthcoming memoir Making It Big: Lessons from a Life in Business, published by FO Books and set for release on August 18, 2025, Otedola detailed the harsh reality of his financial downturn following the crash in global oil prices and the devaluation of the naira.
“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.
The oil magnate, once the toast of the banking sector, said he was courted with lavish attention and incentives, including beautiful women sent by banks to influence his decisions.
“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. They would send bewitching ladies to make their offers more convincing,” he recounted.
“But soon after my business troubles began, 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.”
The revelation underscores the fickle nature of corporate relationships and the pressure high-profile entrepreneurs face when fortunes reverse.
