₦airaland Forum

Billionaire Femi Otedola recounts how his struggle with academics pushed him out of the classroom and into the world of business, where he would eventually build his fortune.

by Musikilu Mojeed


He chairs one of Nigeria’s largest financial groups and has built a multi-billion-dollar business empire. But Femi Otedola has now revealed that his rise was achieved without a university degree — or even a complete high school education.

In the newly released 286-page memoir, Making It Big, which hit the shelves on Monday, the energy mogul details how his struggle with academics pushed him out of the classroom and into the world of business, where he would later make his fortune.

Mr Otedola, 62, writes that he began his education at the University of Lagos Staff School in 1968 but consistently performed poorly. “My parents enrolled me at the University of Lagos Staff School in 1968, at the age of six,” he says. “Kola Abiola — the first son of Chief Moshood Abiola, the future business magnate and presidential candidate who was at the time an accountant — sat beside me in class.

“But there was something about academia and me; we were not compatible. I finished primary school in 1974 because I repeated a class. Even when I was allowed to pass, I consistently anchored the bottom rungs of our end-of-term examination results. My interests were definitely not in academia.”

After finishing primary school, the young Mr Otedola proceeded to Methodist Boys’ High School, Lagos. His academic struggles continued there.

“The school had been founded almost a hundred years earlier, in 1878. Alumni include grand names in Nigerian history: Benjamin Nnamdi Azikiwe, Mobolaji Johnson, Ola Rotimi, Fola Adeola, Olusegun Osoba and Hezekiah Oladipo Davies. When I joined the student body in 1974 the principal was D. A. Famoroti, who’d taken up the post in 1963 and would leave in 1980,” he recalls. “I started Form 1 at age 12 and was there for three years.”

By 1977, after it became clear that his performance was not improving, his parents transferred him to Olivet Baptist High School, Oyo, a boarding school founded by Southern Baptist missionaries in 1945.

“My parents’ thinking was that all my siblings were boarders, and they seemed to be doing well,” Mr Otedola writes. “They thought this change would help turn around my attitude towards academia, but nothing changed.”

He continues: “I started in Form 3 at Olivet, and as I rounded off the first year of my A Levels, my father was establishing his printing company, Impact Press, in Surulere, a residential and commercial district in Lagos State. I grew fascinated with the machines and told myself that my future would be inextricably tied to them. I managed to remain in school until the Lower Sixth examination was over. And then, I was finished; I never returned for my Upper Sixth.

“All I wanted to do was get involved in business. My father kept watch over me and drew me close. My sister taught me shorthand. I knew how to type and began typing letters for my dad. I prepared all his business correspondence. I was fascinated by the way printing machines treat paper. The white paper is placed on one end, the ink and plates are fixed, and the printed material comes out of the other end. It was captivating.”

Despite his mother’s protests and tears, Mr Otedola abandoned school to work full-time in his father’s printing business. He rose quickly, becoming managing director of Impact Press in 1987 at the age of 25.

“However, I soon became restless. I had immersed myself in all aspects of the business and learned the ropes at my dad’s right hand. I certainly enjoyed the job more than grappling with the Pythagoras theorem and struggling through homework at Olivet. As time went by, though, I also thought it was time for a measure of independence from my dad.

“I still wanted to work for him — I really enjoyed hearing the rumbling of machines and savouring the smell of freshly printed material — but I also wanted to do things differently. I told him I wanted to become a sales consultant for the press, and he agreed. He said he would pay me a commission of 10–15% on any work I brought in.

“That was a significant break for me. I invested my money in buying cars for sales and marketing outreach and moved on to the next phase in my nascent professional life.”

With his new role, Mr Otedola began bringing in jobs from major companies and advertising agencies, particularly in calendars and diaries.

“We could hardly keep up with the demand. Our unique selling point was quality, thanks to the state-of-the-art machines we owned. We were also always on time with job delivery. We were engaged in healthy competition with Academy Press, a company located in the Ilupeju area of Lagos.

“I served as my dad’s sales exec up until 1991, when he started his Lagos State gubernatorial campaign. It was a run for office — ultimately successful — that I had initiated.”

That break in the family business gave Mr Otedola the confidence and foundation to strike out on his own. In 1994, he founded Centre Force Ltd. with ₦10 million in starting capital. From those beginnings, he built a vast business empire in oil and gas, shipping, real estate, finance and philanthropy. He went on to chair Forte Oil, invested in power through Geregu Power Plc, and today chairs the board of FirstHoldco Plc, one of Nigeria’s largest financial groups.

The businessman’s disclosure of his educational history may come as a surprise to many who long believed he was a university graduate. At one point, his Wikipedia page even suggested he studied at the University of Lagos.

But in “Making It Big”, Mr Otedola insists his true classroom was not a lecture hall but the business floor. His lessons, he says, came from watching his father, trusting his instincts, and learning from both failures and triumphs.

“I never returned for my Upper Sixth. All I wanted was to get involved in business,” he writes. That decision, once a source of his mother’s tears, would lay the foundation for a career that has made him one of Africa’s most influential businesspersons.

In the end, Mr Otedola’s memoir delivers a striking message: formal education may have eluded him, but discipline, persistence, and the hunger to build made him — in his own words — “make it big.”

https://www.premiumtimesng.com/news/more-news/815072-how-i-dropped-out-of-high-school-and-didnt-go-to-university-femi-otedola.html

Hmmmm

Billionaire pikin...


Personally left to me I don't see any big deal about this cos even a brain dead billionaire pikin still has great advantage than the most brilliant student from the poorest home.


Stories that motivate me are stories of rags to riches not stories of billionaire pikin to billionaire.

For people who will come here to attack me, let me drop a quick one for u.

When we were young, we had a guy called Felix, he was so dull in school that he had F in all his subjects n we nicknamed him ozone layer.

As it was then, public schools were still very standard so Felix was told to repeat, all his father did was just send him to a private school n was part of PTA committee viam Felix finish secondary school.

The father being a big custom officer no waste time, Felix the ozone layer was sponsored abroad n today e get mouth pass we wey brilliant for class then.


Imagine someone who travelled abroad immediately after secondary school around 2007, imagine how much e go don make n how soft him go b by now.

Poor man pikin ma go dey follow say "school na scam".. I laugh.

Nice one! Different stroke for different folks. Not everyone is endowed or cut out for the school life thing. Find your destiny and sincerely fulfill it. This is better than claiming to attend ghost schools and forging certificates as someone brazenly did.

This is very inspiring,
One takeaway for me is that it is good for families to have businesses that their kids get involved in. They may not inherit it but they will learn valuable lessons just being involved in it.

A very nice and compelling story, no doubt. But let’s face the truth,he had to immerse himself in the very rudiments of business, learning on the job what others might have bought with time, money, or an MBA. But That journey is neither unique nor unprecedented even Bill Gates, Mark Zuckerberg, Steve Jobs, Sam Altman, and countless visionaries did the very same. In a more serious situation, The real question is: does this make it right for Opebholo and Ukachukwu to brandish their so-called D7 as though it were the ultimate badge of achievement in a world that has produced Otedollars that has no certificate.

It simply show that there other paths to real success aside the education path and a university professor is no better or more important than anybody

Seems I am like him, same first name. I loved business than classroom, I told myself I want to register my own company by 18 right from age 12. I fumbled a lot in class, which confused my teachers who felt how could I be so intelligent but not doing well in exams. But my parents being civil servants always felt the best thing was school. I went through school but had extra years twice during my undergraduates, I just love business not classrooms even though I read a lot

Hmmm no wonder Sister Florence want to get all the degree in the world which is a good thing.

Factcheck0001:
Hmmmm

Billionaire pikin...


Personally left to me I don't see any big deal about this cos even a brain dead billionaire pikin still has great advantage than the most brilliant student from the poorest home.


Stories that motivate me are stories of rags to riches not stories of billionaire pikin to billionaire.

For people who will come here to attack me, let me drop a quick one for u.

When we were young, we had a guy called Felix, he was so dull in school that he had F in all his subjects n we nicknamed him ozone layer.

As it was then, public schools were still very standard so Felix was told to repeat, all his father did was just send him to a private school n was part of PTA committee viam Felix finish secondary school.

The father being a big custom officer no waste time, Felix the ozone layer was sponsored abroad n today e get mouth pass we wey brilliant for class then.


Imagine someone who travelled abroad immediately after secondary school around 2007, imagine how much e go don make n how soft him go b by now.

Fallacy Fallacy!
40 characters 40 characters 40 characters 40 characters.

Good to know my billionaire friend, Femi Otedollar

Congratulations on your journey, wishing you all the best

Femi ote$ no graduate from university.

I can't believe this, I'm in shock 😮 heh 😮

Well that might be true, but an average Nigerian with leverage of government money will also produce fantastic results.

His father was a formal governor of Lagos state, I'm very sure that was his pedestal.

Na billionaire pikin they had good connection. Just like davido dangote etc. If it was a poor man's child it won't be easy

Please please sir, don't use your half-baked story to mislead our youths.

You were an elite kid....the son of Lagos state Governor as at that time that 95% of Nigerians had no TV nor access to electricity.

Your success owe tribute to:

1.) Your wealthy father's foundation
2.) Goodluck Ebele Jonathan that helped you to bounce back after you went bankrupt due to loans resulting from the crude oil price fall
3.) Your passion for entrepreneurship which must not be overlooked


But coming out to churn out these your cocoon stories may end up misleading Nigerian youths instead of encouraging or inspiring them.


For Csake, Femi Otedola, Aliko Dangote are not supposed to be writing any book about creating wealth from nothing. You guys were born into wealth and you tried in sustaining and expanding the wealth you inherited, but no come de bobo us.



The wealthy Nigerians we should be listening to as inspiration are:

Mr Cosmos Mmaduka owner of Coscharis Motors
Chief Vincent Obianodo owner of Young Shall Grow Motors

and other wealthy Nigerian men and women who came from poor family background and built wealth from ashes

Largely help by his Father being the Governor of Lagos.

He was his Dad's Bagman.

Though he managed it well but that also contributed to his Rise.

What's the essence of acquiring a degree when you have all the opportunities that a degree should fetch?

kokoA:
Poor man pikin ma go dey follow say "school na scam".. I laugh.

Leave them.

Dem no know say Education na vaccine and cure for their perpetual ignorance.

Before the school nah scam gang appear in this thread let me remind anyone reading this that Femi Otedola's father was a billionaire. Thank you for your attention to this matter

franchasng:
Hmmm....please please please....don't mislead our youths sir

Don't mind him. He was his Dad's Bagman while his Dad was Lagos State Governor.

Most of his siblings are not in talking terms with him because they felt he chopped his Dad's money alone.

He dropped out as a choice, not as the only option.

Make LAPO baby no reason am o.

I saw the headline and thought it was about Coscharis. Otedola, Coscharis, Innoson, etc are a constant reminder that you don't need a degree to make it in life.

Factcheck0001:
Hmmmm

Billionaire pikin...


Personally left to me I don't see any big deal about this cos even a brain dead billionaire pikin still has great advantage than the most brilliant student from the poorest home.


Stories that motivate me are stories of rags to riches not stories of billionaire pikin to billionaire.

For people who will come here to attack me, let me drop a quick one for u.

When we were young, we had a guy called Felix, he was so dull in school that he had F in all his subjects n we nicknamed him ozone layer.

As it was then, public schools were still very standard so Felix was told to repeat, all his father did was just send him to a private school n was part of PTA committee viam Felix finish secondary school.

The father being a big custom officer no waste time, Felix the ozone layer was sponsored abroad n today e get mouth pass we wey brilliant for class then.


Imagine someone who travelled abroad immediately after secondary school around 2007, imagine how much e go don make n how soft him go b by now.

Yes He was more advantaged but He made more use of His time than most cos He understood the system earlier. Most Jewish Billionaires don't finish college too there's a reason for that. Plus the school system doesn't teach how to make Ur own money or manage Ur own business just teaches how to be a good employee. He did well though especially leveraging on His Father's success. Many Governors Children are very useless today, it's like their parents used their head for Juju..

Before you copy and paste, please remember that these are billionaires from wealthy homes

Mark Zuckerberg and bills gate dropped out from Havard not Kogi state polytechnic, not even Unilag.

And they are rich kids too

Please don’t copy and paste what you don’t know like a friend of mine who dropped out from Lasu, said he wanted to start programming. He was using mark and bill gate as example. He no get money, no family wealth. He finally learnt his programming but seriously underpaid as he doesn’t have BSc and seriously regretting his decisions. While others not as good as this my guy have gotten better opportunities and even scholarships and overseas jobs… he is limited… he’s now back to school at an older age starting BSc from scratch…

That’s the reality, not nollywood movie …
If your papa no get connection, you no get family wealth… better use what you have to get what you want… and of course, the reality is higher degrees pave more opportunities

Lukuluku69:
Don't mind him. He was his Dad's Bagman while his Dad was Lagos State Governor.

Most of his siblings are not in talking terms with him because they felt he chopped his Dad's money alone.

Na so my brother.....tomorrow Aliko Dangote will come out and tell us how he suffered to become a billionaire too, ndi wayo

Family foundation is critical. It smoothenes the process.

It's very obvious that most youths have been brainwashed by teachers in the last 20-25yrs that education is the only way, or the foundational way, to progress in life.

That mentality is so flawed, risky and dangerous.

Thank God reality is finally dawning on people. May the coming generation not stone professors to death when their heads finally get it.

PS
How many have noticed that years later, after graduating and looking back, you realize that primary school should not have been longer than 3 years, secondary school, 4 years and tertiary, 2 years, if teachers/lecturers had stayed on only topics you will really need in life?

Lol. Na everybody go chop breakfast las las.

This might make some lazy people believe this saying further "school is a scam" not knowing he isn't an illiterate

He struggled academically but had a solid family background that was his safety net, millions of Nigerians don't have that privilege.

Your father abi grandfather was a governor no dey whine poor man