In 2008, Femi Otedola controlled 93% of Nigeria’s diesel market.
He placed a $500 million order for one million tons of diesel when crude oil was at $147 per barrel.
While his diesel was still on the high seas, three things happened at once:
1. Oil prices crashed from $146 to $34
2. Naira was devalued from N120/$ to N167/$
3. The 2008 stock market crash hit
When the dust settled:
→ $480 million lost to oil price crash
→ $258 million lost to naira devaluation
→ $320 million lost to skyrocketing interest
→ $160 million lost to the stock crash
Total: $1.218 billion in debt.
The same banks that once sent “elegant ladies” to court him for deposits started sending hefty, barrel-chested men to his Ikoyi home at dawn.
He surrendered 184 flats. Filling stations. Tank farms in Apapa. A Bombardier private jet.
Today he chairs FBN Holdings. The man who lost it all built it all back.
Disaster turned into a comeback story.
Omg !!! This people are not bigger than this country for Christ sake why is no concrete action been taking about this … this is so sad !!! No politician should even be campaigning rightnow
Bruhh. That kidnapping shit can happen to any one of us man. Walahi. If you think you are outside the country and you are safe , your parents live here. Your siblings, your cousins, your friends.
Dear @TonUP_io@OfficialAPCNg please, pay the terrorists you guys brought into Nigeria during 2014-15 election whatever you owe them so they can stop killing Nigerians and dashing the hope of so many families. As was confessed by Alhaji Kawu Baraje, you guys brought Fulani terrorists from sahel in 2014, to destabilize Nigeria and make it ungovernable for the then president, GEJ. Now that you're in power, please pay them whatever you owe them.
Nigerians can't be dying like fowls.
If Bola Ahmed Tinubu @officialABAT and his service chiefs fail to track down and secure the release of the abducted Oyo schoolchildren and other kidnapped people, we will have no choice but to occupy Aso Rock Villa this week!