Business

Otedola reveals how he eluded suicide after losing $480m

Published by Tope Fakinlede on July 11th, 2023.

Otedola reveals how he eluded suicide after losing $480m

FCG reports that Nigeria billionaire, Femi Otedola has opened up on how he turned from committing suicide after losing $480 million in the diesel market sometime around 2008.

FCG learnt from GWG.ng that Otedola, father of famed Nigerian disc jockey, DJ Cuppy, spoke of the perseverance and partnership he got from the CEO of his businesses, Akin Akinfemiwa at the point of his depression.

He spoke at Akin Akinfemiwa’s 50th birthday celebration in London on Tuesday.

Gathering from a report by Nairametrics, Femi Otedola, said that Akin Akinfemiwa played a major role in the revatilisation of his businesses after he turned away from suicide following the slump in the prices of diesel which left him short.
He said:

“My relationship with Akin is what I would call, destiny prevails. In 2005 I had a friend that worked in Oando and she did mention to me that she has a colleague. And she called Akin and we spoke.”

“I set up my training company in London Fine shade energy, I was looking for a trader and I couldn’t find any good trader. I called Dimeji Edwards who was Akin’s boss. Akin picked up the phone to come and see me.

“So he came, and I said to him, listen I want to give you a job. Come and work for me. Then of course he went back to Wale and Mofe who were his bosses then (at Oando). And they said you want to go and work for that man? That has sacked 6 CEOs in 6 years.

“Now when I say destiny prevails, the business collapsed. I built a massive empire. I had 93% of diesel at my fingertips. I was a bit playful, and the business collapsed. The option I had then was to commit suicide. Then, of course, I thought of Nana and the kids. And I said no, I won’t commit suicide.

“I will face reality and sack myself and the business. So, I sacked myself. I made Akin the CEO of the London office, and I was so impressed by the way he turned around the business. I gave him 1% of the business. I now later, made him the CEO of Zenon Oil, and then the CEO of African Petroleum.”