Titbits
Femi Otedola: The Billionaire Who Lost Everything And Bounced Back
The Billionaire Who Lost Everything.
This is a true life story of Nigerian billionaire Femi Otedola on the day he lost everything
Life was rosy for Femi Otedola until it took a sudden turn leaving him billions in the red. He had to start all over again.
In 2008, a shipment containing one million tons of diesel set sail, heading for the shores of Nigeria. The owner of the vessel, Femi Otedola, Chairman of Forte Oil, a petroleum and power generation company, had grown the company to one of the largest in Nigeria, with over 500 filling stations, according to Forbes. The growth had been rapid and profits were at an all-time high. Then disaster struck.

“I had about 93 percent of the diesel market on my fingertips. All of a sudden oil prices collapsed and I had over one million tons of diesel on the high seas and the price dropped from $146 to $34” —Femi Otedola.
That was only the beginning of his problems. The naira was subsequently devalued and interest began to skyrocket. When the dust settled, Otedola had lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, a further $320 million due to accruing interest and then finally $160 million when the stocks crashed.
“I had two options, either to commit suicide or to weather the storm. I decided to weather the storm. I just knew it was a phase I had to go through.

You see God prepares you for greater things and of course experience is the best teacher so I had to learn my lessons. I took the bitter pill”. — Femi Otedola
Otedola was now $1.2 billion in debt. He sought solace in the only thing that had set him on the path to discovering oil, destiny.
“You cannot compete with destiny, so it was my destiny to make billions every month and lose billions as well. I said to myself ‘I was not going to have friends and enemies, I was only going to have competitors.”
At the age of six, Otedola had already discovered his knack for business. He would provide manicure and pedicure services to his father and his friends and write them a receipt for payment.
On his birthday, while all his friends wanted toys, Femi Otedola would ask his father for a briefcase instead. His father, Sir. Michael Otedola, as a former Governor of Lagos State, was a well respected man. But now, his son’s public fall threatened to destroy that name.
“After I lost the money, something that struck me was that my father had always been my role model in life and the first thing I had to do was to protect his name. He had a policy; honesty was the best policy, so I had to protect that name and his integrity.”
Just after the global banking crisis had struck, the Nigerian government established the Asset Management Corporation of Nigeria (AMCON) to buy up distressed loans. Otedola’s loan was sold to AMCON, by the bank he blamed for his challenges.
“Experience is the best teacher. I didn’t have a proper structure and I also put the blame on the banks for not advising me. All they were interested in was the profits. They were not interested in sustainability of the business, they were short-sighted and all they were interested in was throwing money at me. So they never advised me,” — Femi Otedola.
The banks had to shave off about $400 million from the debt leaving Otedola $800 million in the red. AMCON offered him a restructuring deal, which Otedola declined. He opted instead to repay what he owed and start all over again.
“So we got a reputable firm to value my assets. I had about 184 flats, which I gave up. I was the largest investor in the Nigerian banking sector, which I gave up, I was also a major shareholder of Africa Finance Corporation and I was the Chairman of Transcorp Hilton. I was a shareholder in Mobil Oil Nigeria Limited, the second largest shareholder in Chevron Texaco, Visafone and several companies which they valued, and I had to give up to repay the debt.”
Femi Otedola was left with just two properties, his office space and a 34-percent stake in African Petroleum, which he rebranded, to Forte Oil in 2010.
In 2014, Otedola bounced back to reclaim his place on the FORBES rich list and currently has a net worth of $1.8 billion, according to the FORBES wealth unit.

These days, he is much wiser; there are systems in place to prevent a similar collapse of his mammoth business empire.
According to the mogul, the day he lost everything was the day he learned his biggest lesson.
It taught him that he could overcome anything.
Source: CNBC Africa
Business
Breaking: Kellysbookstore opens for business, to push boundaries….
Kellysbookstore, an online bookstore has opened its online store for avid readers all over the world and the CEO of the company ,Miss Opemipo Fabiyi has opened up on why she joined other firms selling books online.
Kellysbookstore, an online bookstore based in Lagos has now officially opened its store and the firm promises to change the way online bookstore operates in Nigeria and other parts of the world. The bookstore according to its President and CEO, Miss Opemipo Fabiyi stocks books from different genres viz; Children, icton,business,religous,non-fiction,biography,classics and so on.
Opemipo whilst speaking to CityNews Newspaper states that Kellysbookstore ”is out to become the number one marketplace for books in Nigeria. Our customers and would-be customers alike can search for a book by title or author using their web browser, add it to their shopping cart, and then purchase it using a debit or credit card transaction. According to Opemeipo ‘we deliver a unique experience to our customers as we have put in place structures that support book lovers who wish to patronise us.We are out to do things differently in our sub-sector”.
Customers can reach on using our different social media handles.
Titbits
Man’s Inhumanity to A Teenage Girl – Olori Janet Afolabi
Labake is a mentally challenged teenager. Two years ago someone took advantage of her condition, impregnated and abandoned her. She was begging for food and money to survive.
The first time l saw her was in October 2020 when she strayed into my event. She was being dragged out by security men when she caught the attention of Kafayat Oyetola, Osun state , First Lady,who was my guest.
The First Lady took Labake to Oshogbo,rehabilited, took care of her till she delivered. Then she brought Labake back to Apomu,headquarters of Isokan local government area of Osun state.

This year again,2022, an unknown man whose name according to Labake is “Operator” impregnated her and disappeared.
On Thursday November 3, l was told Labake was at the Palace gate.I thought it was her usual visit for support. I asked my staff to take some things to her.He came back with a paper and said Labake was crying profusely.
The paper was the Scan result which showed among other things that she had been due since October 24 and the baby’s breech position in her womb posed great danger to her life.The baby’s head was up instead of down.The ideal position for birth is head down.
I asked the security to let her in. When l saw her, l didn’t need to be told that she was in great pain.l called Julius Edet and Moses Bello (both members of the Medical team l set up for my project “Initiative To Stop Teenage Pregnancy,) to come to the Palace .
They took her to the Health Center. After payment was made for registration and tests, the officials said there was no doctor to attend to her.
She was taken to another Health centre.The Matron spoke to me.She said Labake’s condition was beyond them.She advised that Labake be taken to a private hospital or General hospital Oluyoro in Ibadan because the only way she could give birth was through operation.
For me Ibadan was not an option at all because of distance and gridlock.Labake may not have have survived the stress in the condition that she was.
I decided to call Goke Odetunde, Chairman of our local government .He responded immediately.l told him the situation on ground.He said Labake should to be taken to a private hospital in a neighbouring community.
He also paid the bill.
To the glory of Almighty God,the operation was successful.She delivered a baby boy.Mother and child are alive.
But the journey to save Labake has not ended.I would like to rehabilitate and provide a secured shelter for her.She can then acquire a skill or start a trade.
I want to thank the Chairman for the rapid response and kind gesture.Julius and Moses for devoting their time and attention to be with Labake throughout her agonising hours.
I want to appeal to the men who keep talking advantage of Labake’s mental condition to sexually harrass/ abuse/ impregnate her, to desist. If she were your sister or daughter l do not think you will be happy if someone does that to her.
Most likely, you would describe such action as man’s inhumanity to a vulnerable teenager girl.
Olori Janet Afolabi is a CNN Award Winning Journalist, Author and Queen of Apomu Land.
Titbits
What You Should Know About King Charles III
Queen Elizabeth II, the longest-serving monarch in British history recently died at the age of 96, according to a statement by Buckingham Palace.
Following the demise of the queen, she is expected to be succeeded by Prince Charles, the eldest of her four children with her late husband, Prince Philip.
Prince Charles III also known as Charles Philip Arthur George was born on 14 November 1948 and was heir and Duke of Cornwall and Duke of Rothesay from 1952. As the oldest and the longest-serving heir apparent in British history, he has since held the title from July 1958.
Early life
As the first grandchild of King George VI and Queen Elizabeth, he was born in Buckingham Palace and attended Cheam and Gordonstoun schools, just like his father, Prince Phillip before furthering at the Timbertop campus of Geelong Grammar School in Victoria, Australia.
He became the Prince of Wales in 1969, among other royal titles, after he had spent a term at the University College of Wales at Aberystwyth, where he learned to speak Welsh. Two years later, Charles took his seat in the House of Lords, the upper house of the parliament of the United Kingdom.
Upon earning a Bachelor of Arts degree from the University of Cambridge, Charles served in the Royal Air Force and Royal Navy from 1971 to 1976.
Family and personal life
In 1981, Charles married Lady Diana Spencer, who became the Princess of Wales and together, they had two sons, William and Harry, who are second and sixth in line to the throne.
In 1992, the couple agreed to separate in late 1992, and their marriage was dissolved about four years later.
In 2005, Charles married Camilla, who became known as the Duchess of Cornwall and the couple lived together in Clarence House, a British royal residence on The Mall in London. However, they are expected to move into Buckingham Palace now that he is king.
Charles has five grandchildren from both of his sons.
Special interests
With a particular focus on global sustainability, he has spearheaded a number of initiatives and charitable work over the years.
In 2007, he started an initiative called Mosaic, which offers mentoring programs to young people growing up in deprived communities.
In 2010, he also launched the Campaign for Wool to promote awareness of the environmental benefits of wool and expand the market for British sheep farmers who are struggling to make ends meet.
Charles and Camilla, 75, are also expected to be coronated side-by-side, per Elizabeth’s request that Camilla becomes queen consort – the title given to the wife of a reigning king.
-
News2 days agoYour Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
-
News1 day agoImpeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
-
News1 day agoHow Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
-
News7 hours agoBoko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
