How banks sent ‘charming’ ladies to lure my interest
Billionaire entrepreneur Femi Otedola has shared how, during the peak of his financial achievements, Nigerian banks vigorously sought his patronage — even resorting to using attractive women as part of their strategies to secure his deposits and loan inquiries.In excerpts from his upcoming memoir, Making It Big: Lessons from a Life in Business (set to release on August 18, 2025), Otedola provides an honest account of the lengths to which financial institutions went while his business empire thrived.
“At one point, I was the favored client of the banks, who went to great lengths to entice me,” he noted. “They would send enchanting women to make their propositions seem more compelling.”
However, the nature of those relationships shifted dramatically when his fortunes took a turn. “I found myself waking up to the sight of robust, intimidating men standing menacingly outside my gate, awaiting the moment I would leave my property.”
At the heart of Otedola’s struggle was a perfect storm of global economic crises. In 2008, he placed a significant order for diesel when crude oil was priced at $147 per barrel. By the time it arrived, prices had fallen to just $40.
The financial fallout was devastating. He recalls losing $480 million due to the oil price drop, $258 million from naira devaluation, $320 million in escalating interest on dollar loans, and $160 million in stock market losses — amounting to over $1.2 billion.
“It was a crushing experience, akin to a dreadful nightmare,” he reflected. “But a nightmare would have been preferable: daylight would come, and I would awaken. There was no escape from this.”
Otedola initially ventured into the oil sector with Zenon Petroleum, distributing diesel in drums, before purchasing and revitalizing African Petroleum into Forte Oil — a company that became a favorite on the stock market. However, following the 2009 devaluation of the naira from ₦120 to ₦167, his dollar-denominated debt escalated, leading to the collapse of his empire.
The memoir promises an honest exploration of the tough truths of navigating business in unstable markets — and how banks, once willing allies, can quickly turn into ruthless creditors.
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