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Femi Otedola, a billionaire from Nigeria, recently shared his personal story of overcoming a difficult time in his life.
In 2008, he experienced a significant loss of $480 million in the diesel market, which led him to contemplate suicide.
However, he credits his perseverance and the support of Akin Akinfemiwa, the CEO of his businesses, for helping him through this dark period.
Otedola spoke about this at Akinfemiwa’s 50th birthday celebration in London.
He emphasized the role Akinfemiwa played in revitalizing his businesses after the diesel market slump.
Despite facing immense challenges, Otedola decided not to give up and instead made the tough decision to step down from his position and appoint Akinfemiwa as the CEO.
This turned out to be a wise choice, as Akinfemiwa successfully turned the business around.
Otedola was so impressed by his efforts that he gave him a 1% stake in the company.
Akinfemiwa went on to become the CEO of Zenon Oil and later the CEO of African Petroleum.
Otedola 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.”
Otedola’s story serves as a reminder of the importance of perseverance and the impact that supportive partnerships can have during difficult times.
