Life was rosy for Femi Otedola until it took a sudden turn leaving him billions in the red. He had to start all over again.
In 2008, a shipment containing one million tons of diesel set sail, heading for the shores of Nigeria. The owner of the vessel, Femi Otedola, Chairman of Forte Oil, a petroleum and power generation company, had grown the company to one of the largest in Nigeria, with over 500 filling stations, according to Forbes. The growth had been rapid, and profits were at an all-time high. Then disaster struck.

“I had about 93 percent of the diesel market on my fingertips. All of a sudden, oil prices collapsed, and I had over one million tons of diesel on the high seas, and the price dropped from $146 to $34” — Femi Otedola.

That was only the beginning of his problems. The naira was subsequently devalued, and interest began to skyrocket. When the dust settled, Otedola had lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, a further $320 million due to accruing interest, and then finally $160 million when the stocks crashed.

“I had two options, either to commit suicide or to weather the storm. I decided to weather the storm. I just knew it was a phase I had to go through.

You see, God prepares you for more incredible things and, of course, the Experience is the best teacher, so I had to learn my lessons. I took the bitter pill”. — Femi Otedola

Otedola was now $1.2 billion in debt. He sought solace in the only thing that had set him on the path to discovering oil, destiny.

“You cannot compete with destiny, so it was my destiny to make billions every month and lose billions as well. I said to myself, ‘I was not going to have friends and enemies, I was only going to have competitors.”
At the age of six, Otedola had already discovered his knack for business. He would provide manicure and pedicure services to his father and his friends and write them a receipt for payment.


On his birthday, while all his friends wanted toys, Femi Otedola would ask his father for a briefcase instead. His father, Sir. Michael Otedola, as a former Governor of Lagos State, was a well-respected man. But now, his son’s public fall threatened to destroy that name.

“After I lost the money, something that struck me was that my father had always been my role model in life, and the first thing I had to do was to protect his name. He had a policy; honesty was the best policy, so I had to protect that name and his integrity.”


Just after the global banking crisis had struck, the Nigerian government established the Asset Management Corporation of Nigeria (AMCON) to buy up distressed loans. Otedola’s loan was sold to AMCON, by the bank he blamed for his challenges.

“Experience is the best teacher. I didn’t have a proper structure, and I also blamed the banks for not advising me. All they were interested in was the profits. They were not interested in the sustainability of the business, they were short-sighted, and all they were interested in was throwing money at me. So they never advised me,” — Femi Otedola.

The banks had to shave off about $400 million from the debt leaving Otedola $800 million in the red. AMCON offered him a restructuring deal, which Otedola declined. He opted instead to repay what he owed and start all over again.

“So we got a reputable firm to value my assets. I had about 184 flats, which I gave up. I was the largest investor in the Nigerian banking sector, which I gave up, I was also a major shareholder of Africa Finance Corporation, and I was the Chairman of Transcorp Hilton. I was a shareholder in Mobil Oil Nigeria Limited, the second-largest shareholder in Chevron Texaco, Visafone, and several companies which they valued, and I had to give up to repay the debt.”

Femi Itedola now had only two properties, his office space and a 34-percent stake in African Petroleum, which he rebranded to Forte Oil in 2010.
In 2014, Otedola bounced back to reclaim his place on the FORBES rich list and currently has a net worth of $1.8 billion, according to the FORBES wealth unit.


These days, he is much wiser; there are systems in place to prevent a similar collapse of his mammoth business empire.
According to the mogul, the day he lost everything was the day he learned his biggest lesson.
It taught him that he could overcome anything.

Source: CNBC Africa

PS: Billionaires lose millions to become billionaires.
Millionaires lose thousands to become millionaires.
But the poor don’t want to lose anything, so they remain where they are.

The greatest glory in living lies not in falling, but in rising every time, we fall. ― Ralph Waldo Emerson

More people will find this article, and get inspired just as you are, if you share. Thank you!

My name is Klein Udumaga

Nice, but I don't think he's currently a billionaire perhaps a hundred million close.

He's still a great man

So why are youths who haven't gained anything anything choosing suicide rather than weathering the storm? Inspiring story.

Yeah, perhaps.

Bigflamie:
Nice, but I don't think he's currently a billionaire perhaps a hundred million close.

He's still a great man

The culture of the present society has weakened the character of grit and perseverance.

MightySparrow:
So why are youths who haven't gained anything anything choosing suicide rather than weathering the storm? Inspiring story.

CC: Lalasticala

It's interesting. He may be touted as having an advantage but getting out of that can of failure takes a certain level of strong personal character. In my opinion he would still be successful had he not been from an elite background.

Lalasticala, please I think this is frontpage worthy.

Great write up! Are his children going to continue to keep this wealth? He doesn't seem to have any business-inclined child. All of them are in entertainment and Fashion.

This is truly inspiring.

CrustandSea:
Great write up! Are his children going to continue to keep this wealth? He doesn't seem to have any business-inclined child. All of them are in entertainment and Fashion.

My fear too!

Your close associates matter in life they can help you bounce back quickly when down....

Femi Otedola is a role model

Speak2klein:
Life was rosy for Femi Otedola until it took a sudden turn leaving him billions in the red. He had to start all over again.
In 2008, a shipment containing one million tons of diesel set sail, heading for the shores of Nigeria. The owner of the vessel, Femi Otedola, Chairman of Forte Oil, a petroleum and power generation company, had grown the company to one of the largest in Nigeria, with over 500 filling stations, according to Forbes. The growth had been rapid, and profits were at an all-time high. Then disaster struck.

“I had about 93 percent of the diesel market on my fingertips. All of a sudden, oil prices collapsed, and I had over one million tons of diesel on the high seas, and the price dropped from $146 to $34” — Femi Otedola.

That was only the beginning of his problems. The naira was subsequently devalued, and interest began to skyrocket. When the dust settled, Otedola had lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, a further $320 million due to accruing interest, and then finally $160 million when the stocks crashed.

“I had two options, either to commit suicide or to weather the storm. I decided to weather the storm. I just knew it was a phase I had to go through.

You see, God prepares you for more incredible things and, of course, the Experience is the best teacher, so I had to learn my lessons. I took the bitter pill”. — Femi Otedola

Otedola was now $1.2 billion in debt. He sought solace in the only thing that had set him on the path to discovering oil, destiny.

“You cannot compete with destiny, so it was my destiny to make billions every month and lose billions as well. I said to myself, ‘I was not going to have friends and enemies, I was only going to have competitors.”
At the age of six, Otedola had already discovered his knack for business. He would provide manicure and pedicure services to his father and his friends and write them a receipt for payment.


On his birthday, while all his friends wanted toys, Femi Otedola would ask his father for a briefcase instead. His father, Sir. Michael Otedola, as a former Governor of Lagos State, was a well-respected man. But now, his son’s public fall threatened to destroy that name.

“After I lost the money, something that struck me was that my father had always been my role model in life, and the first thing I had to do was to protect his name. He had a policy; honesty was the best policy, so I had to protect that name and his integrity.”


Just after the global banking crisis had struck, the Nigerian government established the Asset Management Corporation of Nigeria (AMCON) to buy up distressed loans. Otedola’s loan was sold to AMCON, by the bank he blamed for his challenges.

“Experience is the best teacher. I didn’t have a proper structure, and I also blamed the banks for not advising me. All they were interested in was the profits. They were not interested in the sustainability of the business, they were short-sighted, and all they were interested in was throwing money at me. So they never advised me,” — Femi Otedola.

The banks had to shave off about $400 million from the debt leaving Otedola $800 million in the red. AMCON offered him a restructuring deal, which Otedola declined. He opted instead to repay what he owed and start all over again.

“So we got a reputable firm to value my assets. I had about 184 flats, which I gave up. I was the largest investor in the Nigerian banking sector, which I gave up, I was also a major shareholder of Africa Finance Corporation, and I was the Chairman of Transcorp Hilton. I was a shareholder in Mobil Oil Nigeria Limited, the second-largest shareholder in Chevron Texaco, Visafone, and several companies which they valued, and I had to give up to repay the debt.”

Femi Itedola now had only two properties, his office space and a 34-percent stake in African Petroleum, which he rebranded to Forte Oil in 2010.
In 2014, Otedola bounced back to reclaim his place on the FORBES rich list and currently has a net worth of $1.8 billion, according to the FORBES wealth unit.


These days, he is much wiser; there are systems in place to prevent a similar collapse of his mammoth business empire.
According to the mogul, the day he lost everything was the day he learned his biggest lesson.
It taught him that he could overcome anything.

Source: CNBC Africa

PS: Billionaires lose millions to become billionaires.
Millionaires lose thousands to become millionaires.
But the poor don’t want to lose anything, so they remain where they are.

The greatest glory in living lies not in falling, but in rising every time, we fall. ― Ralph Waldo Emerson

More people will find this article, and get inspired just as you are, if you share. Thank you!

My name is Klein Udumaga

I am happy I read this story....... Klien, thanks for sharing this great article I'm really motivated

Honestly, he is a king at building relevant networks. I have seen him pass that skill to his kids

Lamasta:
Your close associates matter in life they can help you bounce back quickly when down....

Femi Otedola is a role model

I'm glad your found it useful.

rottable:
I am happy I read this story....... Klien, thanks for sharing this great article I'm really motivated

His connection played a role.

Thank you for sharing this

This is very inspiring!!! We rise, we rise, we rise!!!

Denique:

My fear too!

Entertainment and Fashion is business

CrustandSea:
Great write up! Are his children going to continue to keep this wealth? He doesn't seem to have any business-inclined child. All of them are in entertainment and Fashion.

Entertainment and Fashion is business

I know but I'm talking about their approach. They are mostly participatory in these industries and not players. Cuppy doesn't own a music label for example and she has the capacity to. That's a business side of it.

hotamart:


Entertainment and Fashion is business

Lalasticala

He is even a serious investor in this Dangote refineries. This man understands how to make the right alliances.

In 2019, Femi Otedola sold his entire 75 percent majority stake in the oil marketing company to Prudent Energy, completely diversting from oil. However, he went on to invest $1 billion into Gregeru Power PLC.

This company is not particularly new. In fact, Geregu Power Plc was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN). The gas power plant began operations in 2007 with a total installed capacity of 414MW at commissioning. The purchase of Geregu was done in 2013 during the power sector privatization, under Amperion Power Distribution Company Limited which is a subsidiary of Forte Oil Plc. After the acquisition, $94 million was initially invested in the power plant. In 2018, another $350 million was pumped into the plant.

This is a motivational article. it thought me never to give up in life.

Awesome

OVB123:
This is a motivational article. it thought me never to give up in life.

I dont believe this story. Fake news

The man father was governor of lagos state.

Father was wealthy just passed his wealth to his son.

Is it this story you do not believe, or it's the possibility of man to build honest wealth for himself in Nigeria?

thebosstrevor1:
I dont believe this story. Fake news

The man father was governor of lagos state.

Father was wealthy just passed his wealth to his son.

Can't believe this couldn't make front page

Speak2klein:
Life was rosy for Femi Otedola until it took a sudden turn leaving him billions in the red. He had to start all over again.
In 2008, a shipment containing one million tons of diesel set sail, heading for the shores of Nigeria. The owner of the vessel, Femi Otedola, Chairman of Forte Oil, a petroleum and power generation company, had grown the company to one of the largest in Nigeria, with over 500 filling stations, according to Forbes. The growth had been rapid, and profits were at an all-time high. Then disaster struck.

“I had about 93 percent of the diesel market on my fingertips. All of a sudden, oil prices collapsed, and I had over one million tons of diesel on the high seas, and the price dropped from $146 to $34” — Femi Otedola.

That was only the beginning of his problems. The naira was subsequently devalued, and interest began to skyrocket. When the dust settled, Otedola had lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, a further $320 million due to accruing interest, and then finally $160 million when the stocks crashed.

“I had two options, either to commit suicide or to weather the storm. I decided to weather the storm. I just knew it was a phase I had to go through.

You see, God prepares you for more incredible things and, of course, the Experience is the best teacher, so I had to learn my lessons. I took the bitter pill”. — Femi Otedola

Otedola was now $1.2 billion in debt. He sought solace in the only thing that had set him on the path to discovering oil, destiny.

“You cannot compete with destiny, so it was my destiny to make billions every month and lose billions as well. I said to myself, ‘I was not going to have friends and enemies, I was only going to have competitors.”
At the age of six, Otedola had already discovered his knack for business. He would provide manicure and pedicure services to his father and his friends and write them a receipt for payment.


On his birthday, while all his friends wanted toys, Femi Otedola would ask his father for a briefcase instead. His father, Sir. Michael Otedola, as a former Governor of Lagos State, was a well-respected man. But now, his son’s public fall threatened to destroy that name.

“After I lost the money, something that struck me was that my father had always been my role model in life, and the first thing I had to do was to protect his name. He had a policy; honesty was the best policy, so I had to protect that name and his integrity.”


Just after the global banking crisis had struck, the Nigerian government established the Asset Management Corporation of Nigeria (AMCON) to buy up distressed loans. Otedola’s loan was sold to AMCON, by the bank he blamed for his challenges.

“Experience is the best teacher. I didn’t have a proper structure, and I also blamed the banks for not advising me. All they were interested in was the profits. They were not interested in the sustainability of the business, they were short-sighted, and all they were interested in was throwing money at me. So they never advised me,” — Femi Otedola.

The banks had to shave off about $400 million from the debt leaving Otedola $800 million in the red. AMCON offered him a restructuring deal, which Otedola declined. He opted instead to repay what he owed and start all over again.

“So we got a reputable firm to value my assets. I had about 184 flats, which I gave up. I was the largest investor in the Nigerian banking sector, which I gave up, I was also a major shareholder of Africa Finance Corporation, and I was the Chairman of Transcorp Hilton. I was a shareholder in Mobil Oil Nigeria Limited, the second-largest shareholder in Chevron Texaco, Visafone, and several companies which they valued, and I had to give up to repay the debt.”

Femi Itedola now had only two properties, his office space and a 34-percent stake in African Petroleum, which he rebranded to Forte Oil in 2010.
In 2014, Otedola bounced back to reclaim his place on the FORBES rich list and currently has a net worth of $1.8 billion, according to the FORBES wealth unit.


These days, he is much wiser; there are systems in place to prevent a similar collapse of his mammoth business empire.
According to the mogul, the day he lost everything was the day he learned his biggest lesson.
It taught him that he could overcome anything.

Source: CNBC Africa

PS: Billionaires lose millions to become billionaires.
Millionaires lose thousands to become millionaires.
But the poor don’t want to lose anything, so they remain where they are.

The greatest glory in living lies not in falling, but in rising every time, we fall. ― Ralph Waldo Emerson

More people will find this article, and get inspired just as you are, if you share. Thank you!

My name is Klein Udumaga

hi , I saw your post on fish maw. I need it.