Femi Otedola has shared a personal story about the moment that motivated him to stop relying on savings and begin building a business, a decision that would eventually transform him into one of Nigeria’s most influential entrepreneurs.
The billionaire businessman disclosed that there was a period in his life when he preferred keeping his money in the bank rather than taking the risks associated with starting a company.
According to him, Nigerian banks were offering interest rates of about 35 percent at the time, making it financially attractive to simply live off the returns.
Speaking during an interview, Otedola explained that he had accumulated enough savings and saw little reason to venture into business.
“I had made some money in savings. Nigerian banks were paying 35 per cent in interest at the time and I thought to myself, it doesn’t make sense to take any risk to set up a business if I can just keep the money in the bank,” he said.
While he enjoyed the comfort of staying at home, his wife was actively running a business and heading to work every day. The arrangement continued for some time until an unexpected comment from one of his daughters changed everything.
Recalling the period, Otedola said his wife would leave for work each morning while he remained at home.
“My wife set up a business and she would wake up in the morning and say, ‘Darling, I’m going to work,'” he recalled.
The defining moment came when one of his daughters returned home from school after a teacher had asked what her father did for a living. The child’s innocent response left a lasting impression on the businessman.
According to Otedola, his daughter answered the question by simply saying:
“Oh, my father sleeps.”
The remark struck a nerve and forced him to reassess how he was spending his time and what example he was setting for his family.
“One day one of my daughters went to school and was asked, ‘What does your father do?’ She said, ‘Oh, my father sleeps.’ So I said, now it’s time for me to set up a business,” he said.
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That seemingly light-hearted moment marked the beginning of a new chapter in his life. Determined to create something meaningful, Otedola ventured into business and gradually built a reputation as one of Nigeria’s most successful investors and entrepreneurs.
Over the years, Femi Otedola has established interests across multiple sectors, including energy and finance. His business achievements have earned him recognition as one of Africa’s leading corporate figures and wealthiest individuals.
Today, Otedola serves as Chairman of First HoldCo Plc and remains a prominent voice in Nigeria’s business community. His story serves as a reminder that inspiration can come from the most unexpected places, including the honest words of a child.
