Nigerian businessman and philanthropist Femi Otedola claims he came close to committing suicide after losing $480 million in the diesel market due to business failure in the year or so 2008.
He admitted that his failure was so appalling that when Akin Akinfemiwa, the CEO of Geregu Power Plc, wished to collaborate with him at the time, his coworkers made fun of him.
At Akinfemiwa’s 50th birthday celebration on Tuesday in London, Otedola made this statement.
The oil tycoon claimed that his suicidal idea was stopped by thinking of his wife, Nana, and their children.
He said, “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.”