Nigerian billionaire, Femi Otedola, has revealed that he almost commuted süicide following a huge loss in his diesel trade in around 2008, amounting to $480 million.
He made the revelation during a speech at the 50th birthday celebration of the Chief Executive Officer (CEO) of Geregu Power Plc, Akin Akinfemiwa in London on Tuesday.
Otedola confessed that his business failure was so significant that his peers ridiculed him when Akinfemiwa expressed interest in collaborating with him at that time.
The business mogul said that thinking of his wife, Nana, and their children deterred him from proceeding with the suicide plan, highlighting the critical role family can play during hard times.
According to Femi Otedola, “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.
“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.”