Billionaire, Femi Otedola Reveals How He Sold His House, Borrowed Money From Dad To Do Business

Nigerian billionaire businessman, Femi Otedola has revealed how he sold his house and borrowed his father’s money to enhance his business.

Femi Otedola, Nigerian billionaire businessman and chairman of Forte Oil PLC, says his late father’s single gesture of magnanimity was the “turning point” for his success in the oil business.

The 56-year-old business mogul took to his Instagram page to disclose this while marking five years of his father’s demise. He revealed that he sold his house and also borrowed money from his father to buy diesel trucks.

He first shared his father’s photo (seen below)

He then wrote: “It’s been five years without you, dad. 21 years ago when I sold the first house I ever built to buy diesel trucks, I also requested a loan and you graciously obliged which became a turning point in my success.

“Times truly goes by very fast but your memories remain. Rest on, my dearly beloved father. Rest on, Sir Michael Otedola.”

Born in July 1926 to a Muslim family in the Odoragunsin area of Epe LGA in Lagos state, Michael Otedola, Femi’s dad, served as a Nigerian politician and a former governor of the commercial city from 1992 to 1993 on the platform of the National Republican Convention (NRC).

After winning a scholarship to study journalism at the Regent Street Polytechnic in London and graduating in 1958, Michael Otedola began his career first as a teacher and later as a reporter at St. Pancras Chronicle.

He also served as a sub-editor at The Guardian Nigeria and The Times in England.

In 1961, Michael Otedola made his foray into PR, working for Western Nigeria Television from 1961 to 1964 and Mobil Oil Group of Companies from 1964 to 1977.

After leaving office, he continued his career as a writer and consultant. He died in May 2014 and has a secondary school — Michael Otedola College of Primary Education — named after him

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