Billionaire Femi Otedola reveals in his memoir how the 2008 global financial meltdown wiped out ₦220bn of his fortune, forcing him to surrender assets and rebuild his empire
How 2008 Global Meltdown Wiped Out ₦220bn of My Fortune — Femi Otedola
Billionaire businessman Femi Otedola has opened up on how the 2008 global financial crisis wiped out nearly ₦220 billion of his fortune, forcing him to surrender prized assets and start over.
In his new memoir, Making It Big: Lessons From a Life in Business, released on August 18, 2025, Otedola recounted the devastating impact of the oil price collapse, currency devaluation, and high-interest debts on his empire.
Oil Crash Triggered Collapse
According to Otedola, the crisis began when crude oil prices plummeted from $147 per barrel to just $34 within months. Confident in continued growth, he had placed a $500 million diesel order for import into Nigeria.
“The diesel I’d ordered when the price was astronomically higher was already on the high seas. Now, it was worth a fraction of my purchase price. I said to myself, I’m finished,” he revealed.
The Central Bank of Nigeria’s devaluation of the naira worsened his woes. Loans secured at ₦117 per dollar suddenly had to be repaid at ₦165, drastically inflating his debt obligations.
“I watched ₦60 billion evaporate before my eyes, alongside ₦40 billion in interest payments,” Otedola said.
Missed Banking Fortune
Otedola was also a major shareholder in Nigeria’s banking sector, with 2.3 billion shares in Zenith Bank—about 8% of the bank—and another 6% stake in UBA. He admitted missing a chance to sell Zenith shares when they soared from ₦12 to ₦60, a move that could have earned him ₦191 billion.
“It remains one of my biggest regrets. If only I had followed my instincts,” he wrote.
Debt Deal with AMCON
At the peak of the crisis, Otedola owed ₦220 billion across eight major banks, including Zenith, Access, GTBank, and UBA. To stay afloat, he struck a deal with the Asset Management Corporation of Nigeria (AMCON), surrendering estates in Lagos, Abuja, and Port Harcourt, truck parks, filling stations, storage tank farms, major stock holdings, and even his private Bombardier jet.
“It was a lifeboat in the storm. I had to concede that if you sink, you sink, and if you grab a preserver, you’ll stay afloat. I gave it all up to start anew,” he recounted.
Rebuilding from Scratch
By 2012, Otedola had cleared his debts and restarted his business journey, holding onto 21% equity in AP and three properties in Victoria Island, Ikoyi, and Abuja.
Reflecting on the experience, he said, “I paid dearly for ignoring the fundamentals that strengthen enterprises and render them more professional… I weighed all the issues that led to the collapse of Zenon and addressed them methodically and tactfully, without sentiment.”
His memoir provides fresh insights into his struggles, losses, and eventual resurgence as one of Nigeria’s most resilient entrepreneurs. Read More
