Femi Otedola Reveals How He Lost $898 Million to Economic Downturns in 2009
Lagos, Nigeria August 2025
Nigerian billionaire and industrialist, Femi Otedola, has opened up about one of the most difficult chapters of his business journey a staggering $898 million financial loss suffered in 2009 due to a combination of global and domestic economic shocks.
In excerpts from his upcoming memoir titled “Making It Big: Lessons from a Life in Business”, set for release on August 18, 2025, Otedola detailed how a sharp drop in oil prices, currency devaluation, and a stock market crash nearly brought his empire to its knees.
According to the now Chairman of Geregu Power Plc and First Bank Nigeria Holdings, the trouble began in 2008 when his former company, Forte Oil Plc, ordered a large shipment of diesel while crude oil was trading at $147 per barrel. Unfortunately, by the time the shipment arrived, oil prices had plunged to $40 per barrel, resulting in a massive financial blow.
“All told, I lost more than $480 million to the plunge in oil prices, $258 million through the devaluation of the naira, $320 million due to accruing interest, and another $160 million when the stock market crashed,” Otedola wrote.
He noted that the naira’s devaluation from ₦120 to ₦167 per dollar compounded his financial woes, as did the global recession that gripped markets during the period.
The business mogul also reflected on the shifting attitudes of Nigerian banks, who had previously courted him during his financial peak. “The same institutions that once praised and pursued me became hostile when the tide turned,” he recalled.
Despite the massive setbacks, Otedola’s story is one of resilience and reinvention. In the years that followed, he divested from the oil and gas sector, refocused his investments, and re-emerged as a major force in Nigeria’s power and financial sectors.
His forthcoming memoir is expected to provide deeper insights into the challenges of entrepreneurship, the realities of wealth, and the mindset required to navigate failure and success in Africa’s volatile business landscape.
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