During Geregu CEO Akin Akinfemiwa’s 50th birthday celebration in London on Tuesday, Femi Otedola, the billionaire and business magnate, unveiled the remarkable role played by Akinfemiwa in saving his business.
In an exclusive video obtained by Nairametrics, Otedola described their first encounter in 2005 as a testament to destiny prevailing.
In his speech, Otedola disclosed that Akinfemiwa played a pivotal role in revitalizing his business following a significant slump.
The Nigerian billionaire shared that he had reached a point where he contemplated taking his own life during those challenging times. However, after careful consideration, he decided against it.
Acknowledging his own responsibility for the failure of his business, Otedola entrusted the subsequent steps to Akinfemiwa. This strategic move turned out to be a turning point, solidifying the Geregu CEO’s standing in the energy industry.
We captured some of the touching but inspiring words
- “My relationship with Akin is what I would call, destiny prevails. In 2005 I had a friend that worked in Oando and she did mention to me that she has a colleague. And she called Akin and we spoke.”
The 61-year-old recalled a major setback experienced with his Forte Oil business. One that pushed him towards suicidal thoughts. Yet, he relays that he was able to bounce back because he had Akin Akinfenwa on his team.
- I set up my training company in London Fine shade energy, I was looking for a trader and I couldn’t find any good trader. I called Dimeji Edwards who was Akin’s boss. Akin picked up the phone to come and see me.
- “So he came, and I said to him, listen I want to give you a job. Come and work for me. Then of course he went back to Wale and Mofe who were his bosses then. And they said you want to go and work for that man? That has sacked 6 CEOs in 6 years.
- Now when I say destiny prevails, the business collapsed. I built a massive empire. I had 93% of diesel at my fingertips. I was a bit playful, and the business collapsed. The option I had then was to commit suicide. Then, of course, I thought of Nana and the kids. And I said no, I won’t commit suicide.
- “I will face reality and sack myself and the business. So, I sacked myself. I made Akin the CEO of the London office, and I was so impressed by the way he turned around the business. I gave him 1% of the business. I now later, made him the CEO of Zenon Oil, and then the CEO of African Petroleum.”
Backstory
The billionaire businessman, Femi Otedola is the owner of Geregu Power, with Akin Akinfemiwa in place as the CEO. Akinfemiwa has also served as Group CEO for Forte Oil and Zenon.
Around the time that Akinfemiwa began working for Femi Otedola, the billionaire businessman, faced a significant setback in 2008 when he incurred a loss of approximately $480 million.
This was due to a drastic drop in diesel prices. The shipment, comprising one million tons of diesel, experienced a price crash from $146 to $34 per barrel. Coupled with the devaluation of the naira, this unfortunate event led to Otedola’s exclusion from the Forbes billionaire list.
However, over the past 15 years, the resilient 61-year-old entrepreneur has made an impressive comeback, acquiring stakes in major companies and cementing his position in the business world.
