Victor EzejaNigerian billionaire businessman Femi Otedola has revealed how naira devaluation, drop in oil prices and stock market made him lose about $898 million in 2009.
Otedola, who is the current chairman of First Bank Nigeria Holdings and Geregu Power Plc, said he lost $480 million and $258 million in 2009 as a result of the steep decline in oil prices and the devaluation of the naira from N120 to N167 per dollar.
Join our WhatsApp ChannelHe stated that he lost an additional $160 million as a result of the stock market meltdown. According to the businessman, the total amount of money lost was $898 million.
This was gleaned from excerpts of his upcoming memoir titled ‘Making It Big: Lessons from a Life in Business’, scheduled for release on 18 August 2025.8.5
He explained that the trouble started when his former company, Forte Oil Plc, ordered a shipment of diesel in 2008, when crude oil was trading at $147 per barrel. The shipment was delivered after the market had plummeted to $40 per barrel.
“All told, I lost more than US$480 million to the plunge in oil prices, US$258 million through the devaluation of the naira, US$320 million because of accruing interest, and another US$160 million when the stocks crashed,” Otedola stated.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
