How I misplaced $898m to Naira devaluation, oil, stock market dips — Femi Otedola
Femi Otedola, a Nigerian billionaire businessman, has opened
up on how he was hit by be troubled in 2009.
He said the keen plunge in oil prices, blended with a naira
devaluation from N120 to N167 per dollar in 2009, led him to lose $480 million
and $258 million, respectively.
Otedola, now chairman of Geregu Vitality Plc and First Monetary institution
Nigeria Holdings, said he also misplaced one more $160 million when the stocks
crashed. The entire settle of monetary loss amounted to $898 million, according
to the businessman.
In excerpts from his upcoming memoir titled ‘Making It Mountainous:
Classes from a Lifestyles in Enterprise’, slated for start on August 18, 2025,
Otedola narrated that pain began after his faded firm, Forte Oil Plc,
ordered a diesel cargo in 2008, when indecent oil was priced at $147 per
barrel, and it was delivered after the market had crashed to $40 per barrel.
“All suggested, I misplaced bigger than US$480 million to the descend in
oil prices, US$258 million throughout the devaluation of the naira, US$320 million
due to the accruing interest, and one more US$160 million when the stocks
crashed,” Otedola narrated.
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