How I lost $898m to Naira devaluation, oil, stock market dips — Femi Otedola
[NigerianEye - Nigeria] - 5/08/2025
Femi Otedola, a Nigerian billionaire businessman, has opened up on how he was hit by misfortune in 2009. He said the sharp drop in oil prices, combined 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 Power Plc and First Bank Nigeria Holdings, said he also lost another $160 million when the stocks crashed. The total figure of financial loss amounted to $898 million, according to the businessman. In excerpts from his upcoming memoir titled ‘Making It Big: Lessons from a Life in (…)
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