“₦142 Billion Debt”: Femi Otedola Recounts One of the Toughest Periods of His Business Career
- Femi Otedola shared a defining moment in his career tied to a whopping ₦142 billion debt
- A throwback footage saw the billionaire open up about the sacrifices he made in 2008
- He spoke on how he was forced into large-scale asset liquidation, including 184 flats and others
Nigerian billionaire businessman, Femi Otedola, has revisited one of the darkest chapters of his career, a staggering ₦142 billion debt crisis that nearly crippled his empire during the 2008 global economic downturn.
In a throwback video, Otedola explained how falling asset values and heavy margin loans pushed his debt exposure above $1.2 billion, equivalent to ₦142 billion at the time.
Source: Instagram
The government later set up the Asset Management Corporation of Nigeria (AMCON) to absorb toxic debts from banks, forcing financial institutions to take what he described as a “haircut” due to their “carelessness and greed.”
“My debt was about 1.2 billion dollars, so the banks also had to take a haircut… they sold the debt to AMCON for about 800 million dollars. I was left with the debt of 100 million dollars,” Otedola recounted.
Rather than accept restructuring, Otedola insisted on paying off the debt outright to rebuild his life from scratch.
“I said no, I don’t want the restructuring. I wanted to pay the debts and move on, and start my life again,” he said.
To meet his obligations, he surrendered vast holdings: 184 flats, major stakes in Nigerian banks, shares in Africa Finance Corporation, Transcorp Hilton, Mobil, Texaco, Visafone, and several other companies.
“I gave up everything, devalued everything, and decided to move on,” Otedola recalled.
By the end of the ordeal, he was left with only his house in Ikoyi, another in Abuja, his office on Walter Carrington, and a 37% stake in African Petroleum.
Reflecting on the painful period, Otedola described it as a defining moment that reshaped his approach to business.
Watch him speak below:
Meanwhile, Legit.ng recalls reporting that Femi Otedola responded online after social media users questioned whether he could enjoy cycling freely in Nigeria the same way he often does abroad.
The businessman, who recently toured Dangote refinery facility, had shared clips showing him cycling through serene roads during vacations outside the country.
After the overseas clips surfaced online, some Nigerians questioned why many wealthy elites enjoy calm and organised environments abroad while citizens continue to complain about insecurity and infrastructure challenges back home.
An X user identified as @Nigeriangod_ challenged the billionaire directly.
“Nigeria does not even have an enabling environment like this for him to ride his bicycle freely… Mr Femi Otedola I dare you to try riding your bicycle around Ikoyi or VI without any security details.”
Not long after the comments, Otedola returned online with a fresh update.
In a video shared on Monday, May 25, the billionaire was seen riding his bicycle through Eko Atlantic City along the Lagos coastline.
The calm setting and open road quickly caught people’s attention.
Netizens react to Femi Otedola's revelation
Legit.ng compiled the reactions below:
udemeobongisrael said:
"You help Igbos at your own risk. They're ungrateful."
vertigobodytherapy said:
"Oga talk about the killings, y’all are green snakes."
soyiscott
"@otedola this are the worst capitalists in Nigeria using all means to control everything and taking more while giving out little due to Nigeria's criminal system."
fizu_0000 said:
"You only survived off of the corruption-crippled Nigeria…Yourself, Elumelu and Dangote are beneficiaries of the system."
kaktusjackss said:
"I remember he sold his yacht that year."
increase213 said:
"This man is a risk gambler... People dt play over sporty bet dey learn."
barmo.gee said:
"Oya use private company rescue the kid napped children Abi your money nah for only food for thoughts 😂😂."
Source: Facebook
Otedola shares adorable picture with his mum
Meanwhile, Legit.ng reported that Otedola shared heartwarming pictures from his visit to his mother, Doja Otedola, in Epe, Lagos.
The billionaire's pictures captured his cosy family home located in Epe, Lagos, with turquoise walls, religious frames, family portraits, and custom pillows printed with his mother's image.
The photos also stirred up conversation online as Nigerians shared their observations.
Source: Legit.ng
