Femi Otedola: I lost N200bn to oil crash, missed bets - Newstrends
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Femi Otedola: I lost N200bn to oil crash, missed bets

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Femi Otedola

Femi Otedola: I lost N200bn to oil crash, missed bets

Billionaire investor Femi Otedola has laid bare one of the most turbulent periods of his business career, recounting how a mix of market turmoil and costly decisions wiped out close to N200 billion of his wealth.

In his new memoir, Otedola: An Autobiography, the oil magnate recalls how Zenon Petroleum & Gas, his once-thriving energy trading company, was crippled by the 2008 global crude oil collapse.

According to Otedola, his troubles began when crude oil prices soared to $147 per barrel. Convinced the boom would last, he placed a diesel order worth $500 million for import into Nigeria. But within weeks, oil prices crashed to $37 per barrel.

“The diesel I’d ordered when the price was astronomically higher was already on the high seas,” he recounted. “Now, it was worth a fraction of my purchase price. I said to myself, I’m finished.”

The situation worsened as the naira was devalued following declining oil revenues. Loans he had secured at N117/$1 suddenly had to be repaid at N165/$1.“I watched N60 billion evaporate before my eyes, alongside N40 billion in interest payments,” Otedola said.

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At the same time, Otedola’s major stakes in Nigeria’s banking sector also took a hit. He held 2.3 billion shares in Zenith Bank—about 8 percent ownership—and another 6 percent in UBA. He bought Zenith shares at N12 and saw them soar to N60, a surge that could have earned him N191 billion had he sold on time.

But he didn’t exit. Then the global financial crisis arrived, dragging share prices down alongside crude oil. His holdings, once valued in the hundreds of billions, collapsed.“It remains one of my biggest regrets,” he admitted. “If only I had followed my instincts.”

By the end of the crisis, Otedola’s debt burden had ballooned to N220 billion. To survive, he reached an agreement with the Asset Management Corporation of Nigeria (AMCON), created to rescue banks from toxic assets.

As part of the settlement, Otedola said he gave up estates in Lagos, Abuja, and Port Harcourt, along with truck parks, filling stations, storage tank farms in Apapa, substantial bank and oil holdings, and even his Bombardier private jet.“It was a lifeboat in the storm,” he wrote. “I had to concede that if you sink, you sink, and if you grab a preserver, you’ll stay afloat. I gave it all up to start anew.”

Reflecting on the loss, Otedola describes the experience as humbling but ultimately transformative. The collapse of his empire, he says, forced him to rebuild with greater discipline.

Now Chairman of FBN Holdings Plc and one of Nigeria’s most influential investors, Otedola’s memoir—released on August 18, 2025—offers a stark reminder that even billionaires are vulnerable to market upheaval.

Femi Otedola: I lost N200bn to oil crash, missed bets

(NAIRAMETRICS)

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Tinubu Rewards Qur’anic Champion Maryam Dan’Azumi With N20m

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Tinubu Rewards Qur’anic Champion Maryam Dan’Azumi With N20m
Maryam Ibrahim Dan’Azumi

Tinubu Rewards Qur’anic Champion Maryam Dan’Azumi With N20m

Nigeria’s First Lady, Senator Oluremi Tinubu, has rewarded 19-year-old Gombe State Qur’anic scholar Maryam Ibrahim Dan’Azumi with N20 million following her outstanding performance at the 46th King Abdulaziz International Qur’anic Competition in Makkah, Saudi Arabia.

Oluremi Tinubu presented the cash award to Maryam at the Presidential Villa, Abuja, on Tuesday after the young Qur’anic scholar was formally presented to her by Gombe State Governor Muhammadu Inuwa Yahaya.

The governor was accompanied by Maryam’s father, teachers and other members of the Gombe State delegation during the visit.

In addition to the N20 million reward, the First Lady expressed her willingness to support Maryam in pursuing a master’s degree, encouraging the young scholar to continue her academic development alongside her Qur’anic studies.

Tinubu described Maryam’s achievement as a source of pride for Nigeria and an example of what young Nigerians, particularly girls, can accomplish through dedication, discipline and education.

Maryam attracted international attention in August after emerging winner of the second category of the women’s division at the prestigious King Abdulaziz International Qur’an Competition in Saudi Arabia.

She scored 97.70 marks to take first position in a category that required participants to demonstrate mastery of the entire Holy Qur’an, together with excellence in recitation and interpretation of Qur’anic vocabulary.

The 46th edition of the international competition reportedly attracted 334 contestants from 133 countries, with participants competing across various categories covering Qur’anic memorisation, recitation and interpretation.

Maryam’s victory also earned her a prize of 300,000 Saudi Riyals, widely reported at about N120 million, making the N20 million presented by the First Lady a separate recognition of her achievement.

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Receiving Maryam at the State House, Oluremi Tinubu praised the teenager’s commitment to Qur’anic scholarship and her determination to excel in both religious and formal education.

She also acknowledged the contribution of Maryam’s parents, teachers and mentors, noting that sustained support from families and educators remains important in nurturing young talents.

The First Lady encouraged Maryam to remain committed to her education and to embrace mentorship as she progresses in her academic and personal development.

Maryam’s international success is also part of a remarkable family record in Qur’anic competitions.

Her elder sister, Hajara Ibrahim Dan’Azumi, won the 18th Hashemite Jordan International Qur’anic Competition for Females in Jordan in 2024.

The achievements of the two sisters have drawn attention from Nigerian leaders and stakeholders in Islamic education, with President Bola Ahmed Tinubu previously congratulating Maryam on her international victory and recognising the role played by her family, teachers and mentors.

According to Governor Inuwa Yahaya, Maryam’s success followed years of participation in Qur’anic competitions at different levels.

She reportedly distinguished herself in local and state competitions before progressing to national contests and eventually representing Nigeria at the international competition in Saudi Arabia.

Maryam is a Physics Education student at Gombe State University and also studies at the Abubakar Siddiq Community School for Qur’anic Memorisation in Gombe.

Speaking after her reception at the Presidential Villa, Maryam expressed appreciation to the First Lady for the recognition and financial support.

She said her participation in the Saudi Arabian competition enabled her to interact with contestants from different parts of the world and gain broader exposure.

The young scholar also expressed hope that her achievement would inspire other Nigerian youths to remain committed to education, develop their talents and pursue excellence in their chosen fields.

With the latest N20 million award, Maryam has received substantial financial recognition following her historic performance in Saudi Arabia.

Her 300,000 Saudi Riyal prize came from the King Abdulaziz International Qur’an Competition, while the N20 million reward from Oluremi Tinubu was presented during her visit to the Presidential Villa.

The First Lady’s offer to support Maryam’s postgraduate studies could further strengthen the young scholar’s ability to pursue higher education while continuing her development in Qur’anic scholarship.

Tinubu Rewards Qur’anic Champion Maryam Dan’Azumi With N20m

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Kaduna APC Calls for Probe Into Alleged Attacks, Vandalism

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Osun 2026: APC Inaugurates 292-Member Campaign Council, Declares Victory a Must
Kaduna APC Calls for Probe Into Alleged Attacks, Vandalism

The Kaduna State chapter of the APC has appealed for calm after reporting alleged attacks, vandalism and intimidation involving its members and party-related facilities.

The party wants the police and other security agencies to determine what happened and identify those responsible for any offences established by the evidence.

APC Publicity Secretary Sani Dan Azare said vehicles were allegedly damaged during an incident at party premises, while some members and supporters were reportedly assaulted or intimidated elsewhere in the state.

Rather than draw conclusions from the competing claims, the party asked security agencies to examine all credible leads and evidence before taking action.

The appeal comes as political activities intensify in Kaduna ahead of the 2027 elections. The state has already recorded a separate dispute involving ADC supporters and security operatives during a campaign-related walk, with the parties giving different accounts of the confrontation.

The APC said such incidents should not undermine what it described as progress made in reducing political, ethnic and religious tensions in the state.

It therefore urged political parties, candidates and supporters to conduct their activities peacefully and within the law.

Dan Azare also asked APC members and support groups to avoid retaliation, warning against any form of self-help.

Let the facts be established. Let due process prevail. Let the law take its course” the party said.

The APC added that anyone with relevant information should make it available to security agencies to help establish what happened and determine whether anyone should face legal action.

 

Kaduna APC Calls for Probe Into Alleged Attacks, Vandalism

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Fatal NURTW Leadership Clash in Osun Leaves Two Dead; State Orders Park Shut Down

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Fatal NURTW Leadership Clash in Osun Leaves Two Dead; State Orders Park Shut Down

As Olalekan Oyeyemi is buried in Osogbo, authorities transfer murder probe to the State Criminal Investigation Department.

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