How Banks Sent Bewitching Ladies to Woo Me – Femi Otedola

Nigerian billionaire Femi Otedola has revealed the extraordinary lengths banks once went to win his business, including deploying “bewitching ladies” to lure him into securing loans and making deposits. The striking revelation comes from his forthcoming memoir, Making It Big: Lessons from a Life in Business, set to be released by FO Books on August 18, 2025.

In excerpts shared online, Otedola offers a candid account of his journey through immense financial success and devastating losses. He recalls how, during the height of his oil business empire, he was courted aggressively by banks eager for his attention. “One moment, I was the darling of the banks… They would send bewitching ladies to make their offers more convincing,” he wrote.

But the tone shifted dramatically when his fortunes declined. “Now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate, waiting for the moment I’d step out of my compound.”

The businessman detailed the scale of his financial collapse, citing losses of over US$1.2 billion across various fronts: US$480 million due to the crash in oil prices, US$258 million from the devaluation of the naira, US$320 million in interest payments, and US$160 million from a market crash. “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.”

Otedola first made his mark with Zenon Petroleum, which grew into a dominant player in Nigeria’s energy sector. He later acquired and rebranded African Petroleum as Forte Oil Plc, turning it into one of the most successful companies on the Nigerian Stock Exchange.

His upcoming memoir promises a raw and inspiring look at the highs and lows of building—and nearly losing—a billion-dollar empire.