Nigerian billionaire Femi Otedola has revealed staggering financial losses totaling nearly $900 million during the 2008–2009 global economic crisis, attributing the collapse to a perfect storm of plunging oil prices, currency devaluation, and stock market turmoil. In excerpts from his forthcoming memoir, Making It Big: Lessons from a Life in Business, the businessman outlined how a diesel shipment ordered at the peak of oil prices became a catalyst for one of the most challenging chapters of his career.
At the time, Otedola’s company, Forte Oil Plc, purchased diesel in 2008 when crude oil traded at $147 per barrel. By the time the shipment arrived months later, prices had plummeted to $40 per barrel amid a global recession. This misstep, he explained, triggered a chain reaction. A sharp devaluation of Nigeria’s currency, the naira—which fell from ₦120 to ₦167 against the U.S. dollar—compounded the crisis, eroding the value of his assets. Otedola disclosed losses of $480 million from the oil price crash, $258 million due to currency fluctuations, and an additional $160 million from stock market declines, bringing his total losses to $898 million. He also cited accruing interest of $320 million, though the memoir did not clarify whether this figure was included in the $898 million total.
The fallout extended beyond financial markets. Nigerian banks, which had previously sought his business during his ascendancy, turned hostile as his ventures faltered, according to reports by Media Talk Africa. The shift underscored the volatility of investor confidence in high-stakes industries.
Now chairman of Geregu Power Plc and First Bank Nigeria Holdings, Otedola’s memoir—scheduled for release in August 2025—frames these setbacks as formative experiences. “The losses were devastating, but they taught me resilience,” he reflected. The book reportedly delves into strategies for navigating economic instability, a topic resonating amid ongoing global financial uncertainties.
The 2009 crisis, marked by collapsing commodity prices and currency instabilities, reshaped industries worldwide. Otedola’s account adds a personal lens to a period that saw businesses and governments grapple with unprecedented market shifts. His story also highlights the interconnected risks of operating in commodity-dependent economies, where currency devaluation can amplify losses for companies reliant on imports or foreign-denominated debt.
As economies today face similar pressures from inflation and fluctuating energy markets, Otedola’s reflections offer a case study in crisis management—and a reminder of the volatile nature of wealth in industries tied to global commodities.
