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How I repaid over $1.2billion debt in the year 2008′: Celebrity billionaire Femi Otedola discloses to all and sundry
Femi Otedola reportedly went through a major financial crisis in 2008 during the global economic downturn, when falling asset values and heavy margin loans pushed his debt exposure above $1.2 billion.
To settle the obligations, he was forced into large-scale asset liquidation, including 184 flats and significant shareholdings in major institutions such as Intercontinental Bank, African Finance Corporation, Transcorp Hilton, Mobil, Chevron, and Visafone. The sell-off marked one of the most notable debt resolution cases in Nigeria’s private sector at the time.
After fully repaying the debt, he was left with a drastically reduced portfolio comprising a house in Ikoyi and an office in Walter Carrington, VI, Lagos, a residence in Abuja, and a 37% stake in AP.
The episode is often referenced as a turning point in his business journey, reflecting both the scale of his losses during the crisis and his eventual financial recovery in later years.
Femi Otedola currently has an estimated net worth of $1.3 billion, and his wealth primarily stems from his investments in the energy and finance sectors. He is presently the chairman of FirstHoldco PLC. He has committed to invest $100 million in the Dangote Petroleum Refinery through a private placement ahead of its planned initial public offering (IPO).
His father was the late Sir Michael Agbolade Otedola, a prominent Nigerian businessman, journalist, and politician.
His father served as the elected governor of Lagos State from January 1992 to November 1993, during Nigeria’s Third Republic.
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