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Tag: FEMI OTEDOLA

  • 3 strong takeaway statements from Femi Otedola at his daughter’s wedding

    3 strong takeaway statements from Femi Otedola at his daughter’s wedding

    Billionaire businessman Femi Otedola shared heartfelt words of encouragement with his daughter, Temi Otedola, and her husband, singer Oluwatosin “Mr Eazi” Ajibade, during their wedding in Iceland.

    Temi, a model and actress, confirmed the union on Friday by unveiling her new name on Instagram. She posted stunning photos from the ceremony, dressed in a graceful white gown beside Mr Eazi in a sleek black suit  with the caption: “Mr and Mrs Ajibade.”

    In a video from the wedding, Otedola delivered remarks that blended personal wisdom with financial foresight, reflecting his views on life, marriage, and legacy.

    1.On Living Fully:

    “Femi, money you don’t spend is not yours, life is for the living.”

    Otedola reminded the couple that wealth holds little value unless it translates into meaningful experiences and joy.

    2.On Protecting Marriage:

    “When you have problems, don’t call any friend. Keep it within your walls.”

    He urged them to safeguard their relationship from outside interference, stressing that loyalty and privacy are vital for a lasting union.

    3.On Building Wealth:

    “I bought two Dubai properties for Temi – one for her engagement and the other for her after party.”

    Beyond being lavish gifts, he described these properties as part of a long-term strategy, “freedom portfolios”, securing generational wealth for his family.

  • How N220bn debt inspired my philanthropic efforts – Otedola

    How N220bn debt inspired my philanthropic efforts – Otedola

    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

     

  • Academia and me, not compatible – Femi Otedola on reason he dropped out of school

    Academia and me, not compatible – Femi Otedola on reason he dropped out of school

    Renowned billionaire and businessman Femi Otedola has revealed that his lifelong struggles with academics led him to abandon school and pursue a path in business.

    TheNewsGuru.com(TNG) reports that Otedola disclosed this in his newly released 286-page memoir, ‘Making It Big’, where he traced his humble beginnings and turbulent school years.

    Otedola also recalled being classmates with Kola Abiola, son of late billionaire businessman and politician, Chief Moshood Abiola, during his early schooling years.

    “My parents enrolled me at the University of Lagos Staff School in 1968, at the age of six.

    “But there was something about academia and me; we were not compatible. I finished primary school in 1974 because I repeated a class. Even when I was allowed to pass, I consistently anchored the bottom rungs of our end-of-term examination results. My interests were definitely not in academia,” he wrote.

    After primary school, Otedola proceeded to Methodist Boys’ High School, Lagos in 1974, but his difficulties with academics persisted.

    “I started Form 1 at age 12 and was there for three years. The school had been founded in 1878 and had great alumni, such as Azikiwe, Mobolaji Johnson, Ola Rotimi, Fola Adeola, and Olusegun Osoba. But even there, my results didn’t improve,” he noted.

    Hoping to correct his poor performance, his parents transferred him to Olivet Baptist High School, Oyo, where his siblings, as boarders, were thriving.

    Otedola recalls that at Olivet, his passion for academics waned further.

    His breakthrough, however, came when his father established Impact Press, a printing company in Surulere, Lagos.

    “I grew fascinated with the machines and told myself that my future would be inextricably tied to them. I managed to remain in school until the Lower Sixth examination was over. And then, I was finished; I never returned for my Upper Sixth,” he confessed.

    The young Otedola ignored his mother’s objections and joined the family business full-time. His rise was swift, by 1987, at age 25, he had become Managing Director of Impact Press.

    ‘I Wanted Independence’ – Otedola

    Despite his success, Otedola said he soon craved independence. He convinced his father to allow him to work as a sales consultant for the press, earning commissions of 10–15% on jobs he secured.

    “That was a significant break for me. I invested my money in buying cars for sales and marketing outreach and moved on to the next phase in my nascent professional life,” he wrote.

  • Otedola reveals how Obasanjo persuaded him to donate ₦300 million for national ecumenic centre

    Otedola reveals how Obasanjo persuaded him to donate ₦300 million for national ecumenic centre

    Femi Otedola, the Nigerian Billionaire businessman has recounted how former President, Olusegun Obasanjo, convinced him to single-handedly fund the completion of the National Ecumenic Centre in Abuja with a donation of ₦300 million.

    Otedola in  an excerpt from his forthcoming memoir, Making It Big, revealed  that the request came during a breakfast meeting with the former president at his Ota farm in Ogun State in late 2005.

    Otedola recalled, “He was very warm, friendly and jovial that time around. As we were eating, he would take yam from his plate and put it on mine. Same with some fried eggs. I was wowed. He’d won my heart.”

    According to Otedola, Obasanjo shifted the conversation to a stalled national project.

    He said, “‘Femi,’ he said, ‘you know what I like about you? You have what everybody wants: money. I need you to kick-start the completion of the Ecumenical Centre in Abuja. I can’t use government money.’”

    According to the former president, the project which he discovered was the abandoned interdenominational church project, also known as the National Christian Centre, on his way to the airport and pledged to see it completed without government funds.

    When Otedola asked how much was required, Obasanjo replied, ₦300 million, suggesting he could make a “small donation” to get things moving.

    “No, Baba. I’ll do it all, anything for God,” Otedola said he responded.

    The oil magnate said that within two days, on a Friday, he delivered a bank draft for the entire amount to Obasanjo’s Abuja office.

    He said, “Baba, here’s the draft,’ I told him. But he said, ‘No, I can’t take it just like that. We need a witness. I need to make this public.”

    Although Otedola preferred to remain anonymous, the former president insisted the donation be publicised to inspire other wealthy Nigerians to contribute. The presentation was eventually broadcast on national television by the Nigerian Television Authority (NTA).

    Following the donation, the National Ecumenical Centre, conceived as a national Christian monument comparable to the National Mosque, was completed after years of abandonment due to lack of funds.

  • ‘You’re A stupid boy, God will punish you’ – Otedola shares how ex-president Obasanjo attacked him over diesel deregulation

    ‘You’re A stupid boy, God will punish you’ – Otedola shares how ex-president Obasanjo attacked him over diesel deregulation

    Femi Otedeloa, the billionaire businessman and one of Nigeria’s richest man has shared an incident where former President Olusegun Obasanjo flew into a rage, attacking him verbally after being told that there was diesel scarcity across the country because of deregulation.

    TheNewsGuru.com(TNG) reports that Femi Otedola in his forthcoming book, ‘Making It Big: Lessons from a Life in Business’ disclosed that the former president, Obasanjo was so angry that he accused the billionaire of misleading him to deregulate the importation of the product, over which the Nigerian National Petroleum Corporation (NNPC) used to have absolute monopoly.

    Otedola, the owner of Zenon Petroleum, assured Obasanjo that the private sector could meet local demand without NNPC’s involvement, as it was selling below market price and receiving subsidy reimbursements from the federal government.

    The government liberalised the diesel market in 2004, making it the first petroleum product to be fully free of subsidy and ending the associated rent culture.

    The billionaire businessman wrote: “When President Obasanjo deregulated diesel in 2004, Zenon took an unassailable lead in the market. My opponents’ reaction was to tell the president that we’d turned the market upside down [and that the] economy was about to be brought down because there was no diesel, and Obasanjo was mad at me because he’d sought and received assurances from us that NNPC’s exit from diesel importation wouldn’t affect supply. My critics then fanned the flames by telling him there was no diesel in the country, that trucks couldn’t move and that industries were shutting down.”

    He continued: “The President… called me at 2 am, shouting through the phone. ‘You’re a stupid boy! God will punish you! You persuaded me to deregulate diesel, and now there’s no diesel in the country!’ He was livid. I flew to Abuja the following day. As soon as Obasanjo saw me, he flew into a rage again. ‘What kind of rubbish is this? What kind of nonsense is this?’ He was right in my face, screaming at the top of his lungs. I allowed him to cool down, and when he stopped talking, I tried to explain the situation. ‘Baba, they’re lying to you. It’s all lies. I have six ships waiting to discharge big supplies of diesel.’”

    “I was even paying demurrage. I told the president that I was the victim of competitors’ backbiting,” he wrote, saying he asked Obasanjo to “see what they come up with next… You’ll see that it’s me who’s telling you the truth.”

    Otedola said he told Obasanjo he would start advertising the availability and price of diesel on the front page of the newspapers, addressing any concerns about fair and consistent pricing.

    He said: “I knew it was people in NNPC – the state monopoly, in their now – teetering positions of power, who were against deregulation – who’d been telling him these lies. They wanted to continue to import, and rake in the subsidy money.

    “Obasanjo was a determined and robust president. Jealous people did not easily sway him. Once he made up his mind that someone was trustworthy and genuine, as he seemed to do about me that day, he stopped listening to the naysayer

  • Billionaire daughter DJ Cuppy laments being single at 33

    Billionaire daughter DJ Cuppy laments being single at 33

    Florence Otedola, popularly known as DJ Cuppy,  has lamented over being single at 33  despite her achievements in her career and academics.

    DJ Cuppy, who is a popular disc jockey (DJ) and the daughter of Nigerian billionaire Femi Otedola,  took to her social media platforms to express her inability to find a husband at 33  after career and academic accomplishments.

    According to her, all the suitors, who are interested in her, and have approached her, had spelling problems.

    He stressed that her major concern was the suitors’ inability to spell, coupled with the fact that she once admitted that she struggled with spelling despite attending Oxford University.

    “Making it big… but mother of Dúdú and FünFün, no husband, with plenty suitors in my DMs and none can even spell Pomeranian,” she wrote.

    DJ Cuppy earlier revealed that she always reminds God that she is still single, each time she sees other people’s wedding photos online.

    The renowned disc jockey had been very vocal about her desire to get married after calling off her engagement to British boxer Ryan Taylor in 2023.

    The philanthropist and internationally acclaimed disc jockey was recently selected as a 2025 Goalkeeper by the Gates Foundation.

  • EXPOSED! Billionaire Otedola reveals how banks sent ‘bewitching ‘ladies to secure deposits from him

    EXPOSED! Billionaire Otedola reveals how banks sent ‘bewitching ‘ladies to secure deposits from him

    Billionaire businessman, Femi Otedola, has revealed how banks once deployed “bewitching ladies” to get deposits and loans when his business empire was flourishing.

    Otedola made the disclosure in his forthcoming memoir, ‘Making It Big: Lessons from a Life in Business,’ published by FO Books and scheduled for release on August 18, 2025.

    Excerpts from the memoir revealed the oil magnate detailed how a series of financial crises including the global crash in crude oil prices and the devaluation of the naira left his businesses deeply indebted and under immense pressure.

    “All told, I lost more than US$480 million to the plunge in oil prices, US$258 million through the devaluation of the naira, US$320 million because of accruing interest, and another US$160 million when the stocks crashed.

    “It was devastating, like a terrible nightmare, but a nightmare would have been better: day would break, and I would wake up. There was no waking up from this,” Otedola wrote.

    He recounted how drastically his fortunes changed, saying, “One moment, I was the darling of the banks, who did everything in the world to court me, do business with me, give me loans, take deposits from me.

    “They would send bewitching ladies to make their offers more convincing, and now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate, waiting for the moment I’d step out of my compound.”

    Otedola broke into the Nigerian mega business scene with Zenon Petroleum which grew from selling diesel in drums to owning the largest share of the local market.

    He also acquired African Petroleum in the downstream market and rebranded it to Forte Oil Plc, at a time one of the highest performing in the stock market.

    However, a diesel shipment he ordered in 2008 when crude oil was $147/barrel did not arrive until the price had crashed to $40, plunging him into massive debt.

    As a result of falling forex inflow, the naira was also devalued from N120/dollar to N167 in 2009 presenting Otedola with a double problem which include low diesel price and high dollar liability.

  • Reactions as Femi Otedola hosts Wizkid, Burna Boy at Lagos residence

    Reactions as Femi Otedola hosts Wizkid, Burna Boy at Lagos residence

    Billionaire businessman Femi Otedola recently played host to two of Nigeria’s biggest music stars, Wizkid and Burna Boy at his luxurious home.

    The music icons were treated to a warm reception by Otedola, who is known for his love of entertainment and luxury.

    The billionaire businessman took to Instagram to share photos of the gathering, which showed Wizkid and Burna Boy relaxing in his opulent living room.

    As written in his caption; “A true privilege to host some of our biggest music icons. Always inspiring to share ideas and celebrate the global movement that is Afrobeats 🎼 …F.Ote💲“

    The meeting was a celebration of Nigerian talent and entrepreneurship, bringing together three of the country’s biggest names in their respective fields.

    Otedola’s gesture was seen as a nod to the contributions of Wizkid and Burna Boy to Nigeria’s music industry.

    The gathering has sparked excitement among fans, who are eagerly awaiting potential collaborations between the two music stars.

    Here are some reactions compiled by Top Society:

    @firstladybabcock said: “I don zooooooom this picture tire, i don imagine am everytime i zooom. Guys, otedola be like e wan build O2 Arena for lag (it’s chicken change).”

    @chrizzy________ said: “Thank God they didn’t smoke 😂 Awon omo ale.”

    @thedodgeoflondon said: “Why David no dey??”

    @oscarfranklincfr_ said: “All black but you on white to show them that there is no room for racism. Omo this comment makes no sense 😂😂😂😂😂😂.”

    @folaphillips said: “Because his dad is just as rich as the convener of the meeting. Safe to assume.”

    @drwaltz1960 said: “Keep It Simple and Stylish. No Be Money Na Water Table.”

    @iamruthboniface said: “Financial advise and how to be more successful. That’s the discussion.”

    @_.christerbel said: “Una must sha find way to add davido into this matter sha. Na una Dey cause problems.”

    @believe_onthe_rock said: “God is the greatest…. I love them,,,,, BUT David is more Valid.”

    @odburna01 said: “When I saw the earlier picture of wiz and Burna from the wey dey look humble I knew they were with someone big.”

    @cement_mogul said: “My two mopols and my mentor Ote💰, my godfather Aliko Dangote’s friend. I took the picture 😁.” 

  • Pope Francis honours Otedola’s mother, Lady Doja (photos)

    Pope Francis honours Otedola’s mother, Lady Doja (photos)

    The mother of Nigerian billionaire businessman, Femi Otedola, Christine Doja Otedola has been conferred with a Pro Ecclesia et Pontifice by Pope Francis.

    The Papal honour, which is one of the highest awards in the Catholic church was established in 1888 and is awarded by the pope to members of the clergy in recognition of their service to the church and society.

    The Archbishop of the Metropolitan See of Lagos, Alfred Adewale Martins on behalf of the Pope conferred on Christine, the title on September 14.

    She was honoured in the Pro Ecclesia et Pontifice category.

    Otedola via the micro blogging platform on Tuesday shared photos from the event, congratulating his mother on the award.

    “Congratulations Mummy – Dame Christine Doja on your award of the Papal honour of Pro Ecclesia et Pontifice by His Holiness Pope Francis. This is a honour well deserved,” he wrote.

    See photos below:

  • Dangote Refinery: It’s time to dismantle those depots and sell them as scrap

    Dangote Refinery: It’s time to dismantle those depots and sell them as scrap

    Following the announcement that Dangote Refinery is now fully ready to churn out petroleum products, Nigeria business mogul, Femi Otedola, has told owners of oil depots in the country to dismantle their depots and sell them as scrap.

    The President of Dangote Refinery, Aliko Dangote, on Tuesday announced the rollout of Petrol from his 650,000 barrels per day.

    He had in an earlier report said that the Petrol from the refinery will be available in the Nigerian market in 48 hours depending on the Nigerian National Petroleum Company Limited.

    Otedola, in a post on X, said the development has practically put an end to the business of fuel importers in the country.

    “..You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long.”

    “Now, with your refinery in full swing…the depot owners should take heed—it’s time to dismantle those depots and sell them as scrap while the market is still high.

    “The world has changed, and those who do not adapt will be left behind.”