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

Published

8 months ago

August 22, 2025

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)

Related Topics:bets Featured Femi Otedola oil crash

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Boko Haram/ISWAP Attack Borno Police Station, Kill Four Officers, Hunter

Published

15 hours ago

April 5, 2026

Trends Admin

Boko Haram/ISWAP Attack Borno Police Station, Kill Four Officers, Hunter

Suspected Boko Haram/ISWAP terrorists have killed at least four police officers and a local hunter in coordinated attacks on security posts in Borno State, underscoring the persistent threat of insurgency in the region.

The attacks occurred in the early hours of Saturday, April 4, 2026, targeting the Nganzai Divisional Police Headquarters and a Civilian Joint Task Force (CJTF)/Hunters duty post at the Malam Fatori IDP Camp in Damasak, Mobbar Local Government Area.

According to ASP Nahum Kenneth Daso, Police Public Relations Officer in Borno, the Nganzai police station came under fire at about 1:00 a.m., with terrorists deploying Rocket-Propelled Grenades (RPGs) and other sophisticated weapons in an attempt to overrun the town. Police officers, supported by the Police Mobile Force (PMF), Crack Squad, military personnel, CJTF members, and local hunters, engaged the insurgents in a fierce gun battle, ultimately repelling the attack and restoring normalcy.

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Despite the successful defense, four police personnel “paid the supreme price”, while a section of the police station was damaged, and an unserviceable Armoured Personnel Carrier (APC) was partially burnt.

Almost two hours later, at around 2:40 a.m., insurgents attacked the CJTF/hunters’ post at the entrance of the Malam Fatori IDP camp. One hunter, Atom Abua, 40, was killed, and about 20 thatched houses and properties were destroyed. Combined security teams prevented further loss of life and property.

Following the attacks, Commissioner of Police Naziru Abdulmajid deployed additional personnel and operational assets to the affected areas to strengthen security and prevent further incidents. He commended the bravery of officers and local defenders, extended condolences to the families of the deceased, and reassured the public of the command’s commitment to bringing the attackers to justice.

Security experts note that the attacks highlight the enduring insurgency threat in Borno State, where Boko Haram and ISWAP continue to target security installations and vulnerable communities despite ongoing counterterrorism operations. Authorities have urged residents to remain vigilant and cooperate with security agencies.

Boko Haram/ISWAP Attack Borno Police Station, Kill Four Officers, Hunter

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NDLEA Arrests Lagos Pastor, Wife With 11kg Skunk Cannabis

Published

15 hours ago

April 5, 2026

Trends Admin

Pastor Afolabi Hodonu and his wife, Mrs. Success Hodonu

NDLEA Arrests Lagos Pastor, Wife With 11kg Skunk Cannabis

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a Lagos-based pastor and his wife after discovering 11 kilogrammes of skunk cannabis concealed in specially modified compartments of their vehicle.

The suspects, Pastor Afolabi Hodonu, 45, in charge of the Celestial Church of Christ, Agonvi Sea Beach, Sakpo area of Seme border, Badagry, and his 35-year-old wife, Mrs. Success Hodonu, were apprehended on Thursday, April 2, 2026, at the Gbaji checkpoint along the Seme border, Lagos.

According to NDLEA spokesman, Femi Babafemi, the couple was intercepted during a search of their Honda Pilot SUV, where officers recovered blocks of highly potent skunk cannabis hidden in secret compartments. Babafemi revealed that the arrest was linked to a previous seizure on March 30, 2026, when a suspected fake security agent, Sunday Samuel, was caught transporting 24.5 kilogrammes of skunk through the same checkpoint. Subsequent investigations led to the pastor and his wife.

“The arrest of Pastor Hodonu and his wife is part of our ongoing intelligence-driven operations against drug traffickers hiding behind legitimate businesses, religious titles, or elaborate concealment methods,” Babafemi said.

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The NDLEA has also conducted several other operations across Nigeria, leading to:

Seizure of 3.10 kilogrammes of cocaine at Murtala Muhammed International Airport, Ikeja, hidden in tins of palm kernel extract bound for the UK, leading to multiple arrests, including syndicate leaders in Lagos.
Arrest of a female drug supplier in Borno State, 28-year-old Aisha Adamu, with 4.3 kilograms of Colorado cannabis linked to bandit groups operating in the North East.
Recovery of 48,000 tramadol pills in Adamawa State and 1,378 kilograms of skunk in a warehouse in Edo State.
Arrest of a suspected drug dealer in Ibadan using her 11-year-old daughter to distribute drugs.

NDLEA Chairman and CEO, Brig. Gen. Mohamed Buba Marwa (retd.), commended officers for the successful operations, emphasizing the agency’s commitment to dismantling drug networks nationwide regardless of the traffickers’ status.

The pastor and his wife are currently in NDLEA custody and will face prosecution as investigations continue. Authorities have warned that drug trafficking in Nigeria carries severe legal penalties and that no individual is above the law.

NDLEA Arrests Lagos Pastor, Wife With 11kg Skunk Cannabis

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Hajiya Hadiza Attahiru Jega, Wife of Former INEC Chairman, Dies in Abuja

Published

15 hours ago

April 5, 2026

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Hajiya Hadiza Attahiru Jega and former Independent National Electoral Commission (INEC) Chairman Prof. Attahiru Jega

Hajiya Hadiza Attahiru Jega, Wife of Former INEC Chairman, Dies in Abuja

Hajiya Hadiza Attahiru Jega, wife of former Independent National Electoral Commission (INEC), Prof Attahiru Jega, has passed away in Abuja, officials confirmed on Sunday, April 5, 2026.

The news was announced by Bayero University Kano through its official social media channels.

“Inna lillahi wa inna ilaihi raji’un. With total submission to the will of Allah, we announce the passing of Hajiya Hadiza Attahiru Jega,” the statement read, expressing sorrow and prayers for her family.

Hajiya Hadiza Attahiru Jega

According to the university, her Janazah (funeral) prayer is scheduled to take place immediately after Zuhr prayers at the National Mosque, Abuja, on Sunday, with burial proceedings to follow.

The institution prayed that Allah grant her Aljannatul Firdaus, forgive her shortcomings, and give strength to her grieving family.

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The university’s Director of Public Affairs, Lamara Garba, also confirmed the death, urging the public to offer prayers and support to the Jega family.

“Yes, it’s true. May the Almighty Allah forgive her shortcomings and grant her family patience to bear this loss,” he said.

Hajiya Hadiza was widely respected for her contributions to education, community service, and support for her family, especially in northern Nigeria.

Her death has drawn condolences from friends, colleagues, and public figures across the country, highlighting her influence and the respect she commanded in social and academic circles.

Her husband, Prof. Attahiru Jega, is a distinguished academic and public servant, known for his tenure as chairman of INEC; president of Academic Staff Union of University (ASUU) and his contributions to national policy and governance.

The passing of Hajiya Hadiza Attahiru Jega marks a significant loss for both her family and the broader Nigerian academic and civic community, with funeral arrangements reflecting her standing and the high regard in which she was held.