Femi Otedola, a billionaire from Nigeria, has talked openly about the days when he contemplated suicide after losing $480 million in the diesel market in or around 2008.
Otedola, who spoke at Akin Akinfemiwa’s 50th birthday party in London and discussed perseverance and partnership he received from the CEO of his businesses during a depressive episode, claimed that Akin Akinfemiwa played a significant role in the revival of his businesses after he refrained from taking his own life as a result of the drop in diesel prices that left him short.
He stated: “My relationship with Akin is what I would call, destiny prevails. In 2005 I had a friend that worked in Oando and she did mention to me that she has a colleague. And she called Akin and we spoke.”
“I set up my training company in London Fine shade energy, I was looking for a trader and I couldn’t find any good trader. I called Dimeji Edwards who was Akin’s boss. Akin picked up the phone to come and see me.
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“So he came, and I said to him, listen I want to give you a job. Come and work for me. Then of course he went back to Wale and Mofe who were his bosses then (at Oando). And they said you want to go and work for that man? That has sacked 6 CEOs in 6 years.
“Now when I say destiny prevails, the business collapsed. I built a massive empire. I had 93% of diesel at my fingertips. I was a bit playful, and the business collapsed. The option I had then was to commit suicide. Then, of course, I thought of Nana and the kids. And I said no, I won’t commit suicide.
“I will face reality and sack myself and the business. So, I sacked myself. I made Akin the CEO of the London office, and I was so impressed by the way he turned around the business. I gave him 1% of the business. I now later, made him the CEO of Zenon Oil, and then the CEO of African Petroleum.”
He expressed sympathy for Nigerians who were suffering due to the withdrawal of the petrol subsidy because it had eliminated the “distortion we have in our economy” and the unification of exchange rates.
Adedeji assured the populace that they will soon begin to grin under the Tinubu administration, saying that the first economic pain and inflation they are currently experiencing are only temporary.
