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Day I Lost Everything—Femi Otedola Reveals

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By Dipo Olowookere

Life was rosy for Femi Otedola until it took a sudden turn leaving him billions in the red. He had to start all over again.

The article below tells his story and it first appeared in Forbes Africa and was reproduced by CNBC Africa.

In 2008, a shipment containing one million tons of diesel set sail, heading for the shores of Nigeria. The owner of the vessel, Mr Femi Otedola, Chairman of Forte Oil, a petroleum and power generation company, had grown the company to one of the largest in Nigeria, with over 500 gas stations, according to Forbes. The growth had been rapid and profits were at an all-time high. Then disaster struck.

“I had about 93 percent of the diesel market on my fingertips. All of a sudden oil prices collapsed and I had over one million tons of diesel on the high seas and the price dropped from $146 to $34,” says Otedola.

That was only the beginning of his problems. The naira was subsequently devalued and interest began to skyrocket. When the dust settled, Mr Otedola had lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, a further $320 million due to accruing interest and then finally $160 million when the stocks crashed.

“I had two options, either to commit suicide or to weather the storm. I decided to weather the storm. I just knew it was a phase I had to go through. You see God prepares you for greater things and of course experience is the best teacher so I had to learn my lessons. I took the bitter pill,” he says.

Mr Otedola was now $1.2 billion in debt. He sought solace in the only thing that had set him on the path to discovering oil, destiny.

“You cannot compete with destiny, so it was my destiny to make billions every month and lose billions as well. I said to myself ‘I was not going to have friends and enemies, I was only going to have competitors.”

At the age of six, Mr Otedola had already discovered his knack for business. He would provide manicure and pedicure services to his father and his friends and write them a receipt for payment. On his birthday, while all his friends wanted toys, Mr Otedola asked his father for a briefcase instead. His father, Mr Michael, as the Governor of Lagos State, was a respected man. Now, his son’s public fall threatened to destroy that name.

“After I lost the money, something that struck me was that my father had always been my role model in life and the first thing I had to do was to protect his name. He had a policy; honesty was the best policy, so I had to protect that name and his integrity.”

Just after the global banking crisis had struck, the Nigerian government established the Asset Management Corporation of Nigeria (AMCON) to buy up distressed loans. Mr Otedola’s loan was sold to AMCON, by the bank he blamed for his demise.

“Experience is the best teacher. I didn’t have a proper structure and I also put the blame on the banks for not advising me. All they were interested in was the profits. They were not interested in sustainability of the business, they were short-sighted and all they were interested in was throwing money at me. So they never advised me,” says Mr Otedola.

The banks had to shave off about $400 million from the debt leaving Mr Otedola $800 million in the red. AMCON offered him a restructuring deal, which Mr Otedola declined. He opted instead to repay what he owed and start all over again.

“So we got a reputable firm to value my assets. I had about 184 flats, which I gave up. I was the largest investor in the Nigerian banking sector, which I gave up, I was also a major shareholder of Africa Finance Corporation and I was the Chairman of Transcorp Hilton. I was a shareholder in Mobil Oil Nigeria Limited, the second largest shareholder in Chevron Texaco, Visafone and several companies which they valued, and I had to give up to repay the debt.”

Mr Otedola was left with two properties, his office space and a 34-percent stake in African Petroleum, which he rebranded, to Forte Oil in 2010.

In 2014, Mr Otedola bounced back to reclaim his place on the FORBES rich list and currently has a net worth of $1.8 billion, according to the FORBES wealth unit in the United States. These days, he is much wiser; there are systems in place to prevent a similar collapse of his mammoth oil empire.

According to the mogul, the day he lost everything was the day he learned his biggest lesson. It taught him that he could overcome anything

http://www.cnbcafrica.com/news/western-africa/2016/11/12/femi-otedola-on-the-day-he-lost-everything/

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Surrogacy Laws in Ukraine: What Every International Parent Must Know Before Starting the Process

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One of the primary reasons international couples choose surrogacy in Ukraine is the country’s clear and well-defined legal framework. Unlike many nations where surrogacy exists in a legal gray area or is outright prohibited, Ukraine has codified the rights of intended parents, the obligations of surrogate mothers, and the procedures for establishing legal parenthood.

Understanding these laws is not just advisable but essential. Proper legal preparation ensures that your parental rights are protected, that the process runs smoothly, and that your child’s citizenship and documentation are handled correctly from day one.

The Legal Foundation of Surrogacy in Ukraine

Surrogacy in Ukraine is primarily regulated by two pieces of legislation: the Family Code of Ukraine and the Civil Code of Ukraine. The most significant provision is Article 123, Paragraph 2 of the Family Code, which states that when an embryo conceived through assisted reproductive technologies is transferred to another woman’s body, the married couple who initiated the procedure are recognized as the parents of the child.

This provision is remarkably protective of intended parents. It means that from the moment of embryo transfer, the intended parents are considered the legal parents. The surrogate mother has no legal claim to the child, and there is no requirement for an adoption process or court hearing to establish parenthood.

Additionally, Article 139 of the Family Code reinforces the principle that the surrogate cannot contest the parentage of a child born through a surrogacy arrangement. This dual-layer legal protection is one of the strongest in the world and is a major reason why surrogacy in Ukraine is so attractive to international couples.

Who Is Eligible for Surrogacy in Ukraine?

Ukrainian law sets specific eligibility criteria for intended parents. To qualify for a surrogacy program, you must meet the following requirements:

Marital status: Both partners must be legally married. Ukraine requires a valid marriage certificate, which must be translated into Ukrainian and apostilled.

Medical indication: There must be a documented medical reason why the intended mother cannot carry a pregnancy. This could include uterine abnormalities, repeated IVF failures, recurrent pregnancy loss, or other reproductive health conditions.

Heterosexual couple: Under current Ukrainian legislation, surrogacy is available only to heterosexual married couples. Single parents and same-sex couples are not eligible at this time.

Genetic connection: At least one of the intended parents must have a genetic connection to the child. This means that either the eggs or the sperm (or both) must come from the intended parents. Donor gametes may be used for one component if medically necessary.

The Surrogacy Agreement: Legal Protection for All Parties

Before any medical procedures begin, a comprehensive surrogacy agreement must be executed between the intended parents and the surrogate mother. This legally binding contract is a cornerstone of the process and covers several critical areas.

The agreement defines the rights and obligations of both parties, the compensation structure for the surrogate, medical care provisions during pregnancy, conditions under which the agreement may be terminated, and the procedures for establishing parenthood after birth. Ukrainian law requires this agreement to be notarized, and experienced agencies ensure that all legal requirements are met.

Working with an agency that has in-house legal expertise is essential for ensuring the agreement complies with Ukrainian law and addresses the specific needs of the intended parents. Agencies like Militta provide dedicated legal teams that handle all documentation, from the initial surrogacy agreement to the final birth registration.

For more details about how the legal and medical process works, visit Militta’s comprehensive surrogacy guide.

Birth Registration and Documentation Process

One of the most important moments in a surrogacy journey is the birth of the child and the subsequent documentation process. In Ukraine, this is remarkably straightforward compared to many other countries.

Immediately after the birth, the child’s birth certificate is issued by the local civil registration office (known as RAGS in Ukraine). The certificate lists the intended parents as the mother and father, with no mention of surrogacy or the surrogate mother. The surrogate’s consent is not required for this registration because Ukrainian law already recognizes the intended parents’ rights from the moment of embryo transfer.

After obtaining the birth certificate, the intended parents must proceed with several additional steps. The birth certificate must be apostilled and translated for use in their home country. They must then visit their home country’s embassy or consulate in Ukraine to register the child’s birth, obtain citizenship documentation, and apply for a passport or travel document for the newborn.

The timeline for this post-birth documentation process typically ranges from two to six weeks, depending on the home country’s embassy processing times. During this period, intended parents usually stay in Ukraine, and their agency provides accommodation assistance and logistical support.

Country-Specific Considerations for International Parents

While Ukrainian law is clear and protective, intended parents must also consider the legal requirements of their home country. Different nations have varying approaches to recognizing children born through international surrogacy.

Parents from countries within the European Union, for example, may need to go through additional recognition procedures depending on their specific national laws. Some EU countries, such as Spain and France, have historically been more complex in recognizing surrogacy-born children, while others, like Portugal, have clearer pathways.

Parents from the United States, the United Kingdom, Australia, and China each face their own specific documentation requirements. A knowledgeable surrogacy agency will be familiar with the requirements of your home country and can guide you through the specific steps needed to bring your child home.

Surrogate Rights and Protections in Ukraine

Ukrainian surrogacy law also establishes protections for surrogate mothers. To be eligible, a surrogate must be between 18 and 35 years of age, have at least one healthy child of her own, and pass comprehensive medical and psychological evaluations. These requirements ensure that surrogates are making informed, voluntary decisions.

Surrogates in Ukraine receive compensation that is contractually guaranteed, along with full medical care throughout the pregnancy and a reasonable recovery period after birth. Reputable agencies ensure that surrogates are treated with dignity and that their health and wellbeing are prioritized throughout the process.

Surrogacy in Ukraine in 2026: Current Status and Safety

As of 2026, surrogacy programs in Ukraine continue to operate with full legal backing. The legal framework governing surrogacy has remained stable, and clinics in central and western Ukraine, particularly in Kyiv and Lviv, maintain their operational capacity.

Reputable agencies have implemented comprehensive safety protocols to protect all parties. This includes careful selection of medical facilities in secure locations, contingency planning for logistics, and continuous communication with intended parents throughout the process. International travel to Ukraine is facilitated through European transit routes, and agencies assist with all travel arrangements.

Frequently Asked Questions About Surrogacy Law in Ukraine

Can the surrogate mother change her mind and keep the baby?

No. Under Ukrainian law, the surrogate has no legal rights to the child. The intended parents are recognized as the legal parents from the moment of embryo transfer, and the birth certificate is issued in their names.

Do I need to go through an adoption process after the surrogate gives birth?

No. Unlike many other countries, Ukraine does not require any adoption proceedings for surrogacy-born children. The intended parents’ names appear directly on the birth certificate.

What documents do I need to start a surrogacy program in Ukraine?

You will typically need a valid marriage certificate (apostilled and translated), passports for both intended parents, medical documentation confirming the need for surrogacy, and a notarized surrogacy agreement. Your agency will provide a complete document checklist.

How do I bring my surrogacy-born child back to my home country?

After obtaining the Ukrainian birth certificate, you must register the birth at your home country’s embassy in Ukraine, obtain citizenship documentation, and apply for a passport or travel document for the child. This process typically takes two to six weeks.

Is surrogacy in Ukraine safe in 2026?

Yes. Surrogacy programs operate successfully in central and western Ukraine, with established safety protocols. Leading agencies like Militta have extensive experience managing programs for international clients and ensure the safety and wellbeing of all parties involved.

Ensuring a Legally Secure Surrogacy Journey

The legal landscape of surrogacy in Ukraine is one of the most favorable in the world for intended parents. With clear legislation that protects parental rights from the very beginning, a straightforward birth registration process, and no need for adoption proceedings, Ukraine provides a secure foundation for building your family.

The key to a successful surrogacy journey lies in thorough preparation and partnership with experienced professionals. By choosing a reputable agency with proven legal expertise, you can navigate the process with confidence, knowing that every step is handled in compliance with Ukrainian law and with your family’s best interests at heart.

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ADC Lawmakers Oppose Tinubu’s $516m Loan Request for Highway

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By Adedapo Adesanya

The African Democratic Congress (ADC) Legislators’ Forum has condemned the latest move by President Bola Tinubu to secure Senate approval for an additional external loan of $516,333,070 for the Sokoto–Badagry Super Highway project.

Mr Tinubu requested Senate approval for a $516.3 million syndicated loan to finance key sections of the Sokoto–Badagry Superhighway, a major infrastructure project under his administration’s Renewed Hope Agenda from Deutsche Bank.

The request, contained in a letter read during plenary on Thursday by the Senate President, Mr Godswill Akpabio, seeks legislative authorisation in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011.

However, the opposition lawmakers said it is not only alarming but becoming of the Tinubu administration to make borrowing its default economic policy, with little regard for sustainability, accountability, or the well-being of future generations.

The forum, in a statement jointly signed by its chairman, Mr Uko Ndukwe Nkole, as well as leaders from each geopolitical zone, noted that while no responsible opposition undermines the importance of infrastructure development, the cost and conditions of such projects must be queried.

According to the ADC lawmakers, Mr Tinubu’s government has failed to convincingly demonstrate that its endless appetite for loans is guided by a coherent, transparent and economically viable repayment strategy.

“Instead, Nigerians are witnessing a troubling pattern; one where debt accumulation is prioritised over prudent fiscal management, innovation, and domestic resource mobilisation.

“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue. Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe.

“Each new loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight.

“Even more disturbing is the timing of this request. As the nation inches closer to a major general election cycle, Nigerians are right to question the motives behind this borrowing spree.

“Is this truly about development, or is it another attempt to create avenues for political patronage and electoral advantage? History has taught us to be wary of last-minute, large-scale financial commitments made under the guise of national interest,” the statement read in part.

The ADC Legislators’ Forum insisted that the National Assembly must not act as a rubber stamp or a pro-group of President Tinubu in this matter.

It said the Senate, in particular, must rise to its constitutional responsibility by demanding full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan, as anything short of this would amount to a betrayal of public trust.

The lawmakers called on the administration to redirect its focus toward policies that can genuinely strengthen Nigeria’s economy; policies that promote productivity, industrial growth, job creation, and the plugging of revenue leakages.

“We must clearly state that governance is not a free ride without consequences. Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come.

“The Nigerian people will demand answers, accountability, and justice for policies that have deepened hardship and mortgaged the nation’s destiny. Nigeria stands at a critical crossroads.

“We can either choose the path of responsibility, discipline, and sustainable growth, or continue down this perilous road of debt dependency and economic vulnerability,” the statement added.

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RMAFC Kicks Off Data Verification for Revenue Allocation Framework

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By Modupe Gbadeyanka

A nationwide data verification exercise to review the factors and proxies used in the sharing of revenue among states and local governments has commenced.

The revenue allocation framework initiative is being conducted by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).

The goal is to ensure that the distribution of national resources accurately reflects the current socio-economic realities across the federation, a statement signed by the organisation’s Head of Information and Public Relations Unit, Ms Maryam Umar Yusuf, stated.

In the statement issued on Thursday, the chairman of the commission, Mr Mohammed Bello Shehu, was said to have posited that the exercise would strengthen fiscal federalism and enhance national development planning across the country.

According to him, credible and verified data remains the foundation of a fair and sustainable revenue allocation system.

“The commission is committed to ensuring that Nigeria’s revenue allocation framework reflects the realities on the ground. Accurate data is the backbone of fairness, equity, and national cohesion.

“This nationwide exercise represents our determination to build a more transparent and responsive revenue distribution system that serves the interests of all Nigerians,” he noted.

Mr Shehu urged the state governments, local authorities, traditional institutions, civil society organisations, and community leaders to provide full cooperation to the agency’s verification teams, emphasising that the outcomes of the programme will have far-reaching implications for national planning, fiscal management, and balanced regional development across the federation.

As part of its nationwide rollout strategy, it has scheduled region-by-region data verification exercises across all states of the federation and the Federal Capital Territory (FCT), Abuja.

The exercise will involve systematic collection, validation, and reconciliation of critical socio-economic and infrastructural data used in determining revenue allocation indices for horizontal revenue sharing.

It was disclosed that the focus would be on key indicators like education and health provision, internal revenue generation capacity, and infrastructure development across the states and local government areas.

Stakeholder engagement sessions will also be conducted in each state to ensure transparency, build trust, and promote collaborative participation among government agencies and local communities.

Nigeria’s revenue allocation framework relies on specific indices, including those of population, landmass, infrastructure, and socio-economic development indicators, all of which must be periodically reviewed to reflect changing realities.

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