Banks Sent ‘Bewitching Ladies’ to Lure Me with Loans, Deposits – Otedola

Nigerian billionaire Femi Otedola has made a shocking revelation about how banks once used “bewitching ladies” to lure him into taking loans and placing deposits.

Otedola shared this detail in his upcoming memoir titled Making It Big: Lessons from a Life in Business, set for release on August 18, 2025.

The book, published by FO Books, offers a rare, behind-the-scenes look at his rise, his financial struggles, and the tough lessons that shaped his business empire.

According to an excerpt seen by TheCable, Otedola recalled the dizzying heights of his wealth and the sudden fall that followed.

At one point, he said, banks treated him like royalty. They wanted his deposits. They chased him with massive credit offers.

And to make their offers more appealing, they even sent attractive women to convince him.

“One moment, I was the darling of the banks, who did everything in the world to court me,” he wrote. “They would send bewitching ladies to make their offers more convincing.”

But the tables turned quickly. The fall in global oil prices, a severe naira crash, and mounting debts nearly crushed his empire.

“All told, I lost more than $480 million to the plunge in oil prices, $258 million through the devaluation of the naira, $320 million because of accruing interest, and another $160 million when the stocks crashed,” Otedola wrote.

He described that period as more painful than a nightmare. At least in a dream, you wake up. But in real life, there was no escape.

“There was no waking up from this,” he said. “I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate.”

Earlier in July, Otedola posted on his X handle (formerly Twitter) that the book captures the major lessons of his journey.

He noted that the memoir tells it all  the struggles, the wins, and the doubts.

“I look forward to opening this conversation with entrepreneurs and visionaries across the world,” he wrote.

The memoir promises to be a powerful read for anyone in business, offering raw insights from one of Africa’s most influential businessmen.

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