Banks Sent Beauties, Then Thugs, Otedola Spills All

Femi Otedola, the Nigerian billionaire businessman and former chairman of Forte Oil, has made headlines once again, not for his deals, but for the dramatic tales revealed in his upcoming memoir, Making It Big: Lessons from a Life in Business, due for release on August 18, 2025.

In a candid excerpt from the book, Otedola recalls how Nigerian banks aggressively pursued him during his peak business years.

According to him, the banks didn’t just send proposals, they sent what he described as “bewitching ladies” to entice him into banking deals. These women were part of strategic efforts to win over his loyalty and bring in deposits, loans, and other business opportunities.

“One moment, I was the darling of the banks… They would send bewitching ladies to make their offers more convincing. Now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate,” he revealed in the memoir.

But when the tides turned, when oil prices crashed, the naira fell, and debts mounted, the sweet talk turned sour. Banks that once courted him with charm allegedly resorted to intimidation, stationing threatening men at his residence to demand repayments.

Breakdown of His Financial Collapse

Otedola’s oil and gas empire suffered a brutal financial blow due to multiple factors:

• Oil Price Crash: From US $147 to US $40 per barrel, causing a loss of around US $480 million
• Naira Devaluation: ₦120 to ₦167 per dollar, resulting in US $258 million in losses
• Interest Burden: Accumulated interest totaled approximately US $320 million
• Stock Market Losses: Estimated at US $160 million

Combined, these setbacks amounted to over US $1.2 billion in estimated losses, a devastating hit by any standard.

Otedola’s experience reveals the often transactional nature of high-stakes business relationships in Nigeria:

• During prosperous times, businesses are treated like royalty, with banks, vendors, and investors bending over backwards.
• But when fortunes fade, institutional support may vanish overnight,  replaced with cold, calculated tactics.

It also shows ethical concerns around how financial institutions operate:

• Why were such personal tactics used to win client trust?
• Were debt collection practices lawful, or more mafia-like?