Business icons who bounced back after major setbacks
NAOMI CHIMA takes a look at some billionaires who faced major setbacks in their businesses and careers but were able to bounce back bigger and better Femi Otedola Femi Otedola is one of several wealthy Nigerian business figures whose dramatic financial setbacks have been extensively documented. During the 2008 global financial crisis, Otedola faced a Read More:…
Femi Otedola, a wealthy Nigerian businessman, faced a major setback during the global financial crisis of 2008. Holding nearly 93% of Nigeria's diesel import market through Zenon Petroleum, Otedola's empire was hit by crashing crude oil prices and devaluation of the naira. This led to his business being underwater and the need for restructuring.
He lost a substantial amount, potentially as much as $191 billion in potential gains on Zenith Bank shares, which he didn't sell when their price rose from N12 to N60. Otedola rebuilt his business around his remaining asset, African Petroleum, which later became Forte Oil. He streamlined operations, improved corporate governance, and diversified into power generation.
By 2012, he had cleared his debts and started rebuilding his business interests in power, finance, shipping, and real estate. Otedola's experience taught him the importance of accepting losses, restructuring obligations, and starting anew.
Aigboje Aig-Imoukhuede, on the other hand, didn't face a financial wipeout but the challenge of turning Access Bank into a major financial institution. In 2002, he took over the leadership of Access Bank, which was ranked around 70th among Nigeria's banks at the time. Facing liquidity challenges and regulatory pressures, Aig-Imoukhuede and his partner focused on rebuilding the bank.
The Nigerian banking crisis of 2008 and 2009 created both threats and opportunities. Access Bank expanded through acquisitions, including the takeover of Intercontinental Bank, which helped it become a leading African bank. As CEO from 2002 to 2013, Aig-Imoukhuede transformed Access Bank and later returned as chairman in 2024, reflecting on the importance of ensuring organizations survive beyond their founders and individual leaders.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
