How I lost N200 billion – Femi Otedola
Billionaire businessman Femi Otedola shared in his newly released memoir how he lost nearly N200 billion due to a financial misstep during the global oil crash. In 2008, Otedola's energy trading company, Zenon Petroleum & Gas, suffered as crude oil prices plummeted from $147 to $37 per barrel.
Confident in the market, Otedola made a massive order of diesel worth $500 million for import to Nigeria, only to face a devastating crash shortly after. This led to a cascade of financial challenges, including a devaluation of the naira and a rise in debt to over N220 billion.
Otedola eventually struck a deal with Asset Management Corporation of Nigeria (AMCON) to settle his debts, surrendering extensive assets in the process. Despite the setback, Otedola has since rebuilt his fortune and remains a prominent investor in Nigeria.
His memoir, "Making it Big," serves as a reminder that even billionaires are not immune to market.
Plus234Feed summary based on reporting from NairaMetrics. Read the original report below.
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