Otedola Reveals Banks Sent ‘Attractive Ladies’ to Woo Him During Business Boom

Billionaire businessman Femi Otedola has shared intriguing details about his rise, fall, and recovery in his upcoming memoir titled Making It Big: Lessons from a Life in Business, set for release on August 18, 2025.

In excerpts published by TheCable, the oil tycoon opened up about the dizzying heights of his business success—and the dramatic crash that followed. At the peak of his empire, Otedola recalled how banks went to extraordinary lengths to win his favor.

“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 wrote. “They would send bewitching ladies to make their offers more convincing.”

But things took a devastating turn when global oil prices plummeted and the naira was devalued. He detailed the financial toll: losses of over $480 million from the oil price crash, $258 million due to currency devaluation, $320 million in accruing interest, and another $160 million from stock market losses.

“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,” he wrote.

Otedola described the contrast vividly: from being aggressively courted by banks to waking up and seeing “hefty, barrel-chested men” posted outside his gate, waiting to confront him over debts.

The memoir promises a candid look at his journey through wealth, loss, resilience, and the harsh realities of high-stakes business in Nigeria and beyond.