How banks sent ‘seductive ladies’ to woo me for deposit – Otedola

Nigerian billionaire businessman, Femi Otedola, has disclosed startling details about the highs and lows of his business journey, including how banks allegedly deployed “bewitching ladies” to entice him into taking loans and placing deposits.

The revelation is contained in his upcoming memoir titled Making It Big: Lessons from a Life in Business, published by FO Books and slated for release on August 18, 2025.

According to excerpts, the oil mogul recounts a turbulent chapter of his business career marked by heavy financial losses due to plunging global oil prices and a sharp devaluation of the naira.

“All told, I lost more than US$480 million to the plunge in oil prices, US$258 million through the devaluation of the naira, US$320 million because of accruing interest, and another US$160 million when the stocks crashed,” he wrote.

He added, “It was devastating, like a terrible nightmare, but a nightmare would have been better: day would break, and I would wake up. There was no waking up from this.”

Reflecting on the contrast between his booming days and the downturn, Otedola noted: “One moment, I was the darling of the banks… 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.”

Earlier on July 17, the chairman of First HoldCo took to his official X handle to announce the memoir’s forthcoming release, describing it as a reflection of the setbacks, triumphs, and life lessons that shaped his entrepreneurial journey.

“In these pages, I’ve shared the real stories – the moments of doubt, the breakthroughs, and the principles that guided me through it all,” he wrote.

Otedola expressed hope that his story would inspire entrepreneurs and visionaries around the world.