Billionaire businessman, Femi Otedola, has disclosed how his inability to help a group of educators at a time, motivated him to extend help to the needy after getting back on his feet.
In chapter 22 of his recently released book titled ‘Cheerful Giver’, he said in 2009, three Nigerians — Steve Omojafor, Molade Okoya-Thomas, and Sena Anthony — visited his Ikoyi home to solicit financial support for the take-off of Augustine University in Ilara-Epe, Lagos.
However, he couldn’t help at the time due to his debts.
“Gentlemen and madam, I am not in a position to help because I have a debt of N220 billion around my neck,” Otedola recounted telling them.
“When they departed, I went to my room and cried. I was weeping because they had come with what I saw as an appeal from God. And resolved that at some point, if and when I was able, I ought to help with the development of Augustine University. I beseeched God: ‘Please, give me another break. If you do, I am going to build this school.’ It was a vow that came from the depths of my soul.”
“It was a startling revelation for my visitors, because apart from the banks we owed and a select few insiders, my desperate position was still a secret. I wanted to keep a lid on it, in the hope of convincing my creditors to give me one more chance to work through rebuilding my business and future. Sadly, the press was already on the story,” Otedola said.
“Just about a week after the meeting with that eminent trio, the Next newspaper broke the story of my misfortune. Its eye-catching headline, ‘Femi Otedola’s sinking empire and his floating 12 million yacht’, upended my world. Adorning the front-page story was a picture of my yacht, with a subheading: ‘The sharks smell blood, and they are circling’.
“As soon as Next broke the story, others feasted on it. One of the banks I was indebted to gleefully gave interviews to every paper and broadcast outlet. They stripped me bare, splashing my picture on their front pages with morbid delight.
Otedola said after he recovered financially, he fulfilled the promise