Femi Otedola Reveals He Lost $898 Million to Naira Devaluation, Oil Crash, and Stock Market Collapse
By SpringNewsNG | August 6, 2025
Nigerian billionaire and industrialist, Femi Otedola, has disclosed how he suffered massive financial losses totaling $898 million during the 2008–2009 economic downturn, citing the devastating impacts of naira devaluation, plunging global oil prices, and a stock market crash.
In a revealing excerpt from his soon-to-be-released memoir, “Making It Big: Lessons from a Life in Business,” scheduled for release on August 18, 2025, Otedola recounted the series of events that led to his near financial collapse.
According to the chairman of Geregu Power Plc and First Bank of Nigeria Holdings, the trouble began when his former company, Forte Oil Plc, ordered a large shipment of diesel in 2008 at the height of oil prices, when crude was trading at $147 per barrel. Unfortunately, by the time the shipment arrived, global oil prices had crashed to $40 per barrel.
“All told, I lost more than $480 million to the plunge in oil prices, $258 million through the devaluation of the naira, $320 million due to accruing interest, and another $160 million when the stock market crashed,” Otedola wrote.
He further explained that the naira’s devaluation from ₦120 to ₦167 per dollar in 2009 also severely impacted his dollar-denominated debts and investments.
Despite the staggering loss, Otedola’s story is one of resilience and comeback. He has since repositioned himself in the Nigerian economy, leading strategic investments in energy and banking, including becoming a major shareholder and board chairman of First Bank.
The memoir is expected to share deep insights into Otedola’s rise, fall, and comeback in the business world — offering inspiration for young entrepreneurs and investors across Africa.
