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15 Things We Learnt from Femi Otedola on Forbes Africa TV’s “My Worst Day with Peace Hyde”

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Peace Hyde Femi Otedola Forbes Africa TVIt’s time again for a review of the TV show with the most shocking revelations about Africa’s most successful entrepreneurs, Forbes Africa TV’s flagship programme “My Worst Day With Peace Hyde”. Over the past 3 months, the show has profiled the prolific former Central Bank Governor and Emir of Kano, Muhammadu Sunusi II and Africa’s Richest Man, Aliko Dangote. While most of us are still recovering from their shocking revelations, we have a new mogul joining this elite group of entrepreneurs, Femi Otedola, Chairman of Forte Oil and similar to his colleagues, here are 15 things we learnt from his interview.

1. You cannot compete with Destiny
For most religions, the concept of destiny is something that is strongly embraced and Otedola is certainly no stranger to this concept. As he puts it he is “A guy that has come to this world without knowing how he has come into the world and a guy that believes that you cannot compete with destiny”. This by the way wins the award for the most original personal introduction we have had on the show yet.

2. It’s never too early to start in business
For most people, starting a business venture is something that takes years of maturity, planning and experience but not for our billionaire oil tycoon. Otedola started his first business at the age of 6 years old providing manicure and pedicure services to his father and his friends and billing them. Hmmm, how many of you can recall what you were doing at 6 years old?

3. Let there be Oil!
According to Otedola, the decision to go into the oil business was “spiritual” and had nothing to do with him. He was simply following his chart in life and what God had destined him to be. Where will following your chart take you?

4. Motivation comes in all shapes and sizes
One day, Otedola’s daughter was asked in class what her father did for a living to which she responded, “My father sleeps”. According to the mogul, that was all the motivation he needed to stop staying at home and living of his 30% interest per month he was enjoying from the banks.

5. The bright idea born in the dark
Mr Otedola’s eureka moment happened during the customary black out that has plagued most African economies. The energy crises caused Mr Otedola to see the gap in the market and supply gas oil to power the nation. Perfect example of turning life’s lemons into lemonade.

6. We all have a value
According to Forbes, Otedola’s net worth is a staggering $1.11 billion. With great wealth comes great responsibility and judging from Mr Otedola’s charitable investments, he is shouldering that responsibility quite well.

7. Never be too scared to get your hands dirty
In the early days, Otedola started his oil business by transporting barrels of diesel door to door in a truck. All his friends laughed at him but he persisted and today guess who has the last laugh?

8. The billionaire who bounced back
The worst day in business for Otedola was when he lost $1 billion. Now that is not something you lose everyday. Incidentally, Otedola is the only billionaire on record, who has lost everything and bounced right back to the top of the coveted Forbes rich list.

9. There is nothing wrong with competition
One of Otedola’s mantras in life is “I do not have friends or enemies, only competitors”. To succeed in the cutthroat world of business, you need to outperform the competition.

10. Systems and processes are key to success
According to Otedola, his loss among other factors occurred because he did not have the right business structure in place and the banks failed to effectively advice him on the best way to run his empire but instead, only focused on the profits.

11. There is always two options in any situation
Whether you think you can do it, or whether you think you cannot you are right on both accounts. For Otedola, his options were to commit suicide or to weather the storm and fortunately for us, he chose option B. Remember, your perspective is key in difficult times.

12. Always invest in assets
When he lost everything, he was able to recover by selling of over 180 flats and houses to pay off his debt. Assets are resources with an economic value that we acquire to provide a future benefit. Spend your money wisely.

13. Fulfilment can be elusive
Otedola says “Fulfilment will only come when there is no poor person in Africa” and that is what he continues to work towards. Are you fulfilled in your career?

14.Hard work is still King
In a harsh economic climate, young entrepreneurs need to work even harder than before to ensure they give themselves the best possible chance of succeeding in business. According to Otedola, there is no free meal anymore.

15.Knowledge is Power
According to Otedola, the secret to success for an entrepreneur is the ability to know what no one knows. “An idea strikes you that no one knows about except you and you are able to translate that idea into a successful business,” says Otedola. Its time to get your thinking caps on.

If you missed all the excitement, catch episode 3 right here

16 Comments

  1. jane

    July 17, 2016 at 5:38 pm

    Is it just me or anytime I see Peace am thinking of toolz… they are carved of d same structure. As for Otedola d one thing I gathered was that he was born with a sliver spoon. He didn’t have to work for a while and when he did, he had d resources to invest into what he wanted to do ( his story is not grass to grace). But a lesson to take away from this is Never give up, keep striving n that’s irrespective of your heritage. Plus God bless everyone’s hustle.

    1
    • Toolz Ke

      July 17, 2016 at 8:16 pm

      Inspiring interview, love both Toolz and Peace but I prefer Peace. Nice to see someone who focus on her substance as well as curves. This body fixation is boring now.

    • Asinforreal, me too

      July 18, 2016 at 2:08 am

      I prefer Peace too any day any time!! She is a true brains & beauty, using her “tools” well. I respect her way more than ms. radio chick. The difference is clear – it is very easy to go straight to her depth w/no distraction bc she doesn’t overdo it… plus she’s humble to boot! Two thumbs up mama…. I pray God continues to bless all you do.

    • Zeed

      July 18, 2016 at 9:07 pm

      Lmfaoooo biko Peace flaunts her body A LOT even more than toolz. Peace will post a pic of her backing the camera showing her booty With a long inspirational caption like??!!! Just post your booty pic and go aunty

    • Toni K

      July 18, 2016 at 11:53 pm

      Beautiful woman, banging body and deep captions that make you think! She has got it all, keep doing you mama.

    • Amma M

      July 19, 2016 at 12:43 am

      I follow her on IG I think she is so inspirational, she is confident about her body and her love for God. I’m surprised how decent she always dresses if I had that body I would shut Africa down.

    • Yeyeperry

      July 18, 2016 at 9:53 am

      Losing everything and starting from scratch sounds like grass to grace to me.

  2. Nakoms

    July 17, 2016 at 7:03 pm

    Stop extracting rubbish out of blabberdash!

    This man is an oligarch in the purest and truest sence of the word. He’s not even worthy to be called a trader as he is removed completely from the free market system. What we have here is a spectre imposed on the system by politicians and coronated to oil thier campaign machinery and subjugate a docile sheeple and a complicit elite.

    But as the global wind of change blows he and his like will, as the phantom they are ,be blown away only to be mentioned in cautionary tales.

  3. nwa nna

    July 17, 2016 at 7:36 pm

    Truth be told, his interview was meh.. He was born into the right family with the right surname, so his family name went a long way in opening doors for him that the ordinary person would have struggled to open…
    He lost me when he said it was the banks fault that his business tanked the first time because they didn’t advice him, really?!
    Not taking away anything from his likes, if Nigeria wasn’t broken and as corrupt as it is they probably wouldn’t be able to achieve the level of success/ wealth they have.

  4. Goke Danjuma

    July 17, 2016 at 8:49 pm

    That another lesson we have to learn about life both the rich and the poor has Good days and bad days..that why we are all human being. Peace is so humble and inspiring love her too much

  5. Lou

    July 17, 2016 at 9:40 pm

    It’s the job of the Management consulting firms to advice you on business and processes if you hire them to,not the banks.i’m surprised he doesn’t know that.

  6. Oloye

    July 18, 2016 at 10:00 am

    Great interview and yes (!), I love Femi Otedola.

    There are just stuffs about the story that don’t add up. They moved to Sheraton Hotel with his family when he was poor. That kind of poverty good o!

    Meanwhile he just completed a NEW house of his with a big generator but could not get diesel? Na so diesel scarce then?

    His wife was going to work, his kids going to school and he was sleeping at home? and he started business at age 6?

    How did he get the money to start his first business – which he started after he has built his house – really?

    Your floor was so clean the you has to lay used newspapers for the truck to drive on – how many newspapers and how long did that take? Did they use gum to stick the papers to the floor? hehehehe

    As a son of ex-administrator in Lagos, you were following trucks around Lagos to deliver products? Indeed….

    I have more than 15 questions…..

    • Truth hurts

      July 18, 2016 at 12:37 pm

      Exactly. I watched this thinking yeye dey smell. Sometimes, let us admit, these guys made their cheese using daddy’s connects and did not do much. But God has a plan for everyone.His perfect will is that Femi Otedola be blessed. Praise to Him

  7. C

    July 18, 2016 at 2:25 pm

    I wasn’t bothered until the talk about the banks not helping his biz. How about he playing a fast one on all the banks that loaned him money by giving Negative pledge as collateral except Zenith who was able to take hold of Zenon house?….smh

  8. sigh!

    July 19, 2016 at 6:59 am

    Lol! Peace Hyde, we;lcome o! Welcome. Your post is the only one in the world that always has a myserious commenter writing about your beauty and brains aaaaaaaaaaaaaaaaaaall the time. What brains did you exhibit in the interview biko?

    Matter of fact, the fact that there’s an entire book on the last interview shows you didn’t connect with your viewers, else, they would have actually recieved all the points and it would have even trended with the amount of money spent on adverts. Geez it’s getting tiring

    • Foolish comment!

      July 19, 2016 at 4:41 pm

      Shut the hell up! This is such a dense comment Is she the one who keeps calling herself beauty and brains? Does the fact that she actually lives up to the name make you green with envy that you have to resort to hiding behind ignorant comments on social media. The interview is far more interesting than some of the rubbish online these days. At least It is something we can learn from! Go and do some research before you start sharing dumb comments.

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