Femi Otedola Reveals He Lost Nearly $900 Million in 2009 Oil Crash

Nigerian billionaire and renowned business mogul Femi Otedola has opened up for the first time about how he lost a staggering $898 million in 2009 due to a series of devastating economic factors, including a global oil price crash, currency devaluation, and stock market losses.

In excerpts from his highly anticipated memoir, “Making It Big: Lessons from a Life in Business”, slated for release on August 18, 2025, Otedola shares a gripping account of how his business empire nearly collapsed under the weight of volatile market conditions.

The Breaking Point: Oil Crash, Currency Devaluation & Market Collapse

According to Otedola, his financial crisis began in 2008 when his former company, Forte Oil Plc, placed a massive order for diesel while crude oil was priced at $147 per barrel. By the time the shipment arrived, crude oil prices had plummeted to $40 per barrel, triggering a catastrophic financial loss.

“All told, I lost more than $480 million to the plunge in oil prices, $258 million through the devaluation of the naira from ₦120 to ₦167 per dollar, $320 million in accruing interest, and another $160 million when the stocks crashed,” Otedola wrote.

Total Losses Amounted to $898 Million

The total combined loss, as detailed in the memoir, stood at a whopping $898 million, a figure that nearly wiped out Otedola’s fortune at the time.

Now the Chairman of Geregu Power Plc and First Bank Nigeria Holdings, Otedola reflects on the period as one of the most trying chapters of his career a time when many Nigerian banks that once courted him with open arms turned hostile after his business fortunes nosedived.

Surviving the Fall: How Femi Otedola Bounced Back

While Otedola’s upcoming book focuses on the harrowing details of his losses, it also highlights his remarkable comeback, offering insights into how he reinvented himself, diversified his investments, and eventually rebounded to the top of Nigeria’s business landscape.

His role in the power sector through Geregu Power Plc and strategic stake in First Bank has positioned him once again as a key figure in Nigeria’s economic and financial sectors.

Anticipation Builds for Memoir Release

Making It Big: Lessons from a Life in Business is already generating buzz among business leaders, entrepreneurs, and economic analysts. The book promises to deliver a rare behind-the-scenes look into the rise, fall, and resurgence of one of Africa’s most influential businessmen.

With its official release set for August 18, 2025, readers can expect an honest, reflective, and inspirational account of risk, failure, and resilience in the volatile world of business.