LunagisthubBanks sent pretty ladies to woo me for deposits – Otedola
Billionaire businessman Femi Otedola recently shared a fascinating story about his experiences with banks in Nigeria. According to Otedola, when his business empire was thriving, banks would deploy attractive ladies to woo him for deposits and loans. This revelation was made in his forthcoming memoir, “Making It Big: Lessons from a Life in Business,” set to be released on August 18, 2025.
Otedola’s relationship with banks drastically changed when his financial empire faced significant challenges, including a global crash in crude oil prices and the devaluation of the naira. He lost over $1 billion due to a combination of oil price collapse, forex issues, interest accruals, and stock market crashes. Specifically, he mentioned losing .
– $480 million due to the plunge in oil prices
– $258 million through the devaluation of the naira
– $320 million because of accruing interest
– $160 million when the stocks crashed
As Otedola put it, “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, and now 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” .
This stark contrast highlights the challenges business leaders face in navigating complex financial landscapes. Otedola’s story serves as a reminder of the unpredictable nature of business and the importance of adaptability .
Lunagisthub
