Banks sent ‘bewitching ladies’ to lure me with loans, deposits – Otedola

Billionaire businessman, Femi Otedola, has revealed that during the peak of his business empire, banks deployed “bewitching ladies” to persuade him to place deposits and take loans.

The oil mogul made this revelation in his upcoming memoir titled Making It Big: Lessons from a Life in Business, published by FO Books and set for release on August 18, 2025.

According to excerpts seen by TheCable, the memoir also recounts the difficult phase of his career, when a combination of falling global crude oil prices and a sharp naira devaluation plunged his businesses into heavy debt and uncertainty.

It reads: “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.

“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.

“One moment, I was the darling of the banks, who did everything in the world to court me, do business with me, give me loans, take deposits from me. 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, waiting for the moment I’d step out of my compound.”

Recall that in a post on his X handle on July 17, the chairman of First HoldCo said the book is a reflection of the lessons that have shaped his entrepreneurial life.

He wrote, “I am excited to announce the forthcoming release of my new book, ‘Making it Big’ set to launch on August 18th.

“Just a month to go. The lessons, setbacks, and triumphs that shaped my path are almost ready for you.

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

“I look forward to opening this conversation with entrepreneurs and visionaries across the world, and to seeing how these experiences might inspire your own journey forward.”

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