The billionaire businessman, Femi Otedola claims that after his 2008 investment in the diesel industry collapsed, he thought about killing himself.
He made this announcement on Tuesday in London at Akin Akinfemiwa’s (CEO of Geregu Power Plc) 50th birthday party.
Otedola, who is also the chairman of the energy company, spoke about how he met the celebrant and the part he played in his business. He claimed that their relationship is an example of “destiny prevails.”
Otedola said that his frivolity caused 93 percent of the diesel industry he controlled to collapse.
He claimed that considering his wife and children stopped him from taking his own life.
“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,” he said.
“I set up my training company in London, FineShade 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 six CEOs in 6 years.
“Now when I say destiny prevails, the business collapsed. I built a massive empire. I had 93 percent of diesel at my fingertips. I was a bit playful, and the business collapsed.”
Otedola said rather than commit suicide, he decided to sack himself from the business.
“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,” he said.
“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 percent of the business. I later made him the CEO of Zenon oil, and then the CEO of African Petroleum which I later changed to Forte Oil.
“When I was making that decision, I knew I have tried, I have failed, so it’s not my destiny. I can’t fall in business because I am an entrepreneur. I can make money but I have to give to Caesar what belongs to Caesar and I found that in Akin.”
