Femi Otedola Reflects on Diesel Market Collapse and Contemplation of Suicide.
Billionaire businessman Femi Otedola revealed that he contemplated suicide after his investment in the diesel business failed in 2008.
He shared this during the 50th birthday celebration of Akin Akinfemiwa, CEO of Geregu Power Plc, in London on Tuesday.
Otedola, who is also the chairman of the energy firm, emphasized the significant role Akinfemiwa has played in his business journey, describing their relationship as a case of “destiny prevails.
” He recounted that his diesel business, which held 93 percent of the market, collapsed due to his own mismanagement.
The businessman admitted that thoughts of his wife and children prevented him from taking his own life. Instead, he decided to remove himself from the business and appointed Akinfemiwa as CEO of the London office.
Impressed by Akinfemiwa’s performance, Otedola later promoted him to CEO positions at Zenon Oil and African Petroleum (now Forte Oil).Reflecting on these decisions, Otedola acknowledged his entrepreneurial spirit and resilience, emphasizing that recognizing the right people for the right roles was key to his business recovery and success.
