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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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Nasarawa Orders Immediate Shutdown of Mining Activities in Endo Community

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Lideal Mining Company

By Adedapo Adesanya

The Nasarawa State government has ordered the immediate suspension of mining activities at Endo community in Udege, directing Lideal Mining Company to stop operations and vacate the site without delay.

The government also ordered an immediate halt to the movement of raw minerals from the location, tightening restrictions around the disputed mining area.

The latest intervention by the state government signals a tougher stance on mining operations considered capable of threatening public order or operating outside established procedures.

Announcing the decision in Lafia, the state capital, the Commissioner for Environment and Natural Resources, Mrs Margaret Elayo, said the action followed a series of consultations, stakeholder engagements and security assessments linked to activities within the affected mining cadastral unit.

She said the directive was issued in the public interest as part of efforts to maintain order, protect host communities and strengthen regulatory compliance in the state’s mining sector.

According to the commissioner, the company has been instructed to begin the immediate withdrawal of its mining equipment, heavy machinery, trucks, operational facilities and personnel from the site.

Mrs Elayo said the move aligns with the administration of Governor Abdullahi Sule, which has repeatedly pledged to enforce lawful mining practices, preserve peace in mining communities and build investor confidence through transparent regulatory processes.

She stressed that the government’s decision forms part of a broader plan to reposition the mining sector and ensure that mineral development does not undermine security, environmental standards or community stability.

To enforce compliance, the state government has directed the deployment of security personnel to the affected mining site to prevent unauthorised activities and ensure full adherence to the suspension order.

Nasarawa remains one of Nigeria’s key solid minerals states, attracting growing interest from mining investors because it contains lithium, tin, columbite and other strategic minerals.

However, increased mining activity has also heightened concerns around regulation, community disputes, environmental protection and security management.

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EFCC Arrests Convicted Ex-Power Minister Saleh Mamman

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EFCC Arrest Saleh Mamman

By Modupe Gbadeyanka

The recently-convicted former Minister of Power, Mr Saleh Mamman, has been arrested by the Economic and Financial Crimes Commission (EFCC).

Chairman of the EFCC, Mr Ola Olukoyede, during a press briefing in Abuja on Tuesday, said the former senior government official was apprehended this afternoon along with two others accused of shielding him.

Earlier this month, Justice James Omotosho of the Federal High Court in Abuja convicted Mr Mamman for N33.8 billion fraud after he was found guilty of a 12-count charge brought against him by the EFCC. He was sentenced to 75 years in prison, though he was not present in court on the day of his sentencing.

Speaking with journalists today, Mr Olukoyede said the convict was arrested at 3:30 am on Tuesday in a house in Kano, where he was allegedly being protected.

“Ladies and gentlemen, you will recall that sometime in January 2025, we filed charges against the ex-minister of power for allegedly converting over N33 billion – money that was set aside for the Mambilla and Zungeru power projects,” Olukoyede said during a press briefing.

“About 14 to 15 months down the line, specifically on the 7th of this month, we secured convictions on all 12 counts. Because the defendant was not present, the issue of sentencing was shifted. And on the 13th of this month, he was sentenced in absentia.

“Since then, we decided to open our intelligence surveillance to the public, looking for him all over the place. I am happy to announce to Nigerians that at about 3:30 a.m. this morning, we arrested Mr Saleh Mamman somewhere in Kano. We have discovered that he was actually being protected all this while,” he said.

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UK Backs Pan-African Founder Support Programme at London Tech Week

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UK Pan-African Founder Programme

By Adedapo Adesanya

The United Kingdom is deepening efforts to position itself as a preferred global expansion hub for African startups with the launch of the UK–Africa Ecosystem Week, a coordinated support programme to be delivered during London Tech Week.

Powered by the UK–Africa Sandbox and Ventures 54 in partnership with the UK Department for Business and Trade (DBT), the initiative is expected to provide African founders with structured support to navigate business, investment and networking opportunities in the UK market.

The programme is also backed by the UK Nigeria Tech Hub, the UK South Africa Tech Hub, London & Partners and the Mayor of London’s office, signalling growing institutional support for stronger commercial and technology ties between the UK and African innovation ecosystems.

According to the organisers, the initiative introduces a more coordinated approach to participation at London Tech Week, one of the world’s largest annual technology gatherings, which attracts over 100,000 participants across more than 500 events yearly.

Founders participating in the programme will gain access to curated sessions, concierge-style support services, dedicated workspaces, investor engagement opportunities and market entry guidance tailored to African technology companies seeking expansion into the UK.

A flagship UK–Africa Ecosystem Day will also bring together investors, policymakers, ecosystem builders and founders to discuss commercial expansion opportunities and partnerships between both regions.

Founder of Ventures 54 and UK-Africa Sandbox, Mr Anthony William Catt, said the initiative was developed in response to the increasing number of African startups travelling to London Tech Week over the last few years.

He explained that what started as informal networking gatherings under the London Africa Network had evolved into structured programming and has now scaled into a full week of activities aimed at helping founders maximise opportunities available within the UK ecosystem.

“This is about putting the right structure in place, so African founders have a dedicated support track to get the most out of the week and access the best of what the UK has to offer,” he said.

Speaking on the initiative, Acting His Majesty’s Trade Commissioner for Africa, Mr Ben Ainsley, described the UK as a natural destination for ambitious African startups due to its large technology ecosystem, deep venture capital market and access to global talent.

“The UK Government is committed to supporting high-growth international companies succeed in the UK and initiatives like the UK–Africa Sandbox demonstrate our focus on making it easier for African founders to access support and fully engage with the UK’s world-class innovation ecosystem.”

The programme is expected to attract delegations and founders from countries including Nigeria, South Africa, Kenya, Egypt, Algeria and Ghana.

Organisers added that the initiative would extend beyond London Tech Week through the broader UK–Africa Sandbox platform, which aims to support African founders entering the UK market while also creating pathways for UK startups seeking expansion opportunities across Africa.

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