General
Day I Lost Everything—Femi Otedola Reveals
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/
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Wholesale marketplaces were created so that business owners could find profitable offers and make deals on B2B platforms worldwide. In addition to buyers and sellers, there are traders, distributors, logisticians, and other professionals on such platforms. Let’s take a closer look at these professions. Traders purchase goods in order to resell them at a higher price; speculation is allowed on B2B marketplaces and is a legal instrument. Distributors are the official representatives of the manufacturer, meaning you can purchase original products at the lowest price. Most often, goods are purchased in China and then transported by sea to European countries or North America. We suggest you try the Globy Platform, where the most reputable Asian distributors are registered. Logisticians can also register on Globy. They provide services for the transportation of goods by sea. The following are the advantages of Globy, which are mentioned most often:
- quick registration on the portal;
- website with simple navigation and management;
- excellent choice of reliable suppliers;
- most relevant products in the catalog;
- free registration;
- no commission.
Some B2B platforms process payments, but Globy allows participants to make money payments outside the platform using one of the secure methods. In addition, Globy does not charge a commission when concluding a purchase deal. To start working on the platform, you need to register in accelerated mode or fill out a form with your company’s details. You can be sure that your banking details, personal, and contact information are protected. Third parties can only see the information that you leave open. When registering, do not forget to enter your company’s contact information (messenger, phone, email) so that new partners can contact you. You can pay attention to the fact that the Globy catalog contains items without specifying a price, but the product profile contains the vendor’s contacts. You can contact the seller to discuss the deal details, determining the price of the product.
Logistics Tool on Globy
There is often a situation when the supplier does not provide transportation services and the buyer has to search for a carrier on their own. In fact, this problem is solved simply. Globy has a special tool that helps you quickly find a charterer. You would open the freight calculator and fill in all the fields in the suggested form. You would specify the sending and destination port, and don’t forget to specify the dates and choose the container size. If you want to place containers in an optimal way, then use the load calculator, which is also available for free on the official website. You can use these tools only after registration. You can log in quickly if you have a Google account or a LinkedIn profile. After entering the data, the freight calculator will process your request and provide a list of prices. You can select a suitable line and contact the charterer to discuss the details of the contract. It is recommended to choose a sea delivery with a minimum number of intermediate stops, in which case the cargo will arrive at the destination port faster.
Receiving Cargo at the Destination Port
Buyers should remember that you can check the cargo when it arrives at the port. If the rules of transportation were violated, there was a long delay, or the goods were damaged, you can refuse the cargo, explaining the reason. You can discuss a price reduction with the supplier if the product has lost its proper appearance or the packaging is damaged. You can evaluate the cargo yourself or with the help of third-party experts. It is best to carefully check the documentation when receiving the goods at the port. All documents must be executed in accordance with international law. You can register on Globy today, find the goods you need, and use the logistics tools for free. More than fifty-five thousand users have already been registered on the platform, which indicates the high authority of Globy. If you have any questions, you can ask them in the Help Center on Globy website.
By Adedapo Adesanya
Shipping giant, Mediterranean Shipping Company (MSC), has signed a 45-year concession agreement with Nigerian maritime company, Nigerdock, to develop, operate and maintain a new container terminal at Snake Island Port in Lagos.
A statement by MSC on Thursday noted that the new container terminal would be completed by 2028 with a 910-meter quay, six Ship-to-Shore (STS) cranes, two ship berths, three barge berths, and up to 18 meters of draft.
The dedicated MSC terminal would be part of the company’s announced $1 billion investment in infrastructure and logistics in Nigeria.
“We are thrilled to take this step forward in our partnership with MSC to develop a world-class container terminal within Snake Island Port.
“This gives the world’s leading shipping line a home in Nigeria and brings significant foreign direct investment into the country to accelerate growth in the maritime and logistics industry,” it said.
Global shipping companies are pushing to secure long-term footholds in emerging markets as supply chains are reconfigured worldwide.
MSC said the terminal, to be built by ITB Nigeria and DEME Group, is expected to be ready by 2028.
It will occupy 30 hectares (74 acres) and feature a 910-metre (3,000 ft) quay capable of handling ship‑to‑shore cranes and mobile harbour cranes, serving both deep-sea vessels and barges.
MSC President, Mr Diego Aponte, said: “Completing this key phase in the development of Snake Island Container Terminal with Nigerdock and our trusted partners demonstrates MSC Group’s commitment to providing excellent service to our customers in Nigeria and throughout Africa.
“The new terminal will open up opportunities, enhance efficiency, and elevate Snake Island Port as a major global shipping centre.
“Together with our Group’s other long-term investments in Nigeria, it will generate many local jobs and significantly increase economic revenue and resilience.”
Snake Island Port is an 85-hectare facility operated by Nigerdock, a maritime and logistics company, and comprises three terminals serving the Lagos port complex.
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