Billionaire businessman Femi Otedola has revealed the real reason behind his headline-making gesture in 2020, when he gifted his three daughters, Tolani, Temi, and Florence (DJ Cuppy) brand-new Ferrari Portofinos worth a combined £810,000.
In an excerpt from his memoir, Making it Big, Otedola recalled how the news went viral after Florence shared photos of herself and her sisters posing beside the pastel-coloured luxury cars pink, brown, and blue.
The gesture sparked widespread debate, drawing millions of comments. “There were those who praised me, friends who said I had put them under pressure from their own children, and critics who claimed I was over-pampering my daughters,” Otedola wrote. “Some even argued that I went against tradition, since our society often values male children more than female ones.”
The 62-year-old clarified, however, that the decision was carefully considered and not impulsive. “As a wealthy entrepreneur, I must say I did not just wake up one day and decide to buy Ferraris for my kids. A lot of thinking went into it. In fact, I had been planning it since March 2018.”
The real reason behind getting his daughters customised ferraris
Yet, beyond the display of affection, Otedola revealed that there were deeper reasons behind his much-publicized splurge on his daughters.
Though planned as a surprise, his daughters had to select colours and interiors, and delivery was delayed nearly 18 months by the pandemic. When his wife questioned the purchase, he simply said, “Let them enjoy their lives.”.
Each car cost £270,000, totalling £810,000, with even their apartments adjusted to fit the new fleet.
The first reason, he explained bothered on the nature of the industries his daughters are pursuing music, film, and fashion played a major role in his decision. Since they belong to the creative economy, he saw the Ferraris as a way to elevate their personal brands.
To illustrate, he recalled hiring a young furniture maker in 1996 who arrived in an old Volkswagen Jetta. Perceiving him as still struggling, Otedola cut his fee in half.
He later advised the young man that arriving in a Mercedes would have shaped a different perception and even sold him his own Mercedes Benz at a discount. That artisan, Tayo Tabansi, went on to build Svengali Designs, one of Nigeria’s leading furniture brands a transformation Otedola credits partly to branding.
Secondly, Otedola also stressed that his daughters were financially capable of sustaining such lifestyles. Having consistently reviewed their business cash flows, he was convinced they could shoulder the responsibility of maintaining the cars.
“I made the first insurance payment, and they have paid for the subsequent ones. There is thus a level of responsibility and commitment that came with this gift. If they were working regular 9-to-5 jobs and unable to cover the insurance and maintenance costs, I would never have bought them Ferraris.”
Finally, he admitted the purchase was also an expression of fatherly pride. He believed his daughters had earned it by showing maturity, discipline, and respect for family values in industries where many peers are lured by drugs and reckless lifestyles.
Otedola described them as well-behaved and grounded, highlighting their close bond with him. He said they listen to his counsel, respect his advice, and continue to live with a sense of responsibility. “I could not have asked for more as a parent,” he concluded.
More insight
As a young man, Otedola had always admired Ferraris, though his parents could never have afforded one. Decades later, he walked into a London dealership and ordered three at once, stunning the salesman before paying the deposit on his card.
- For Otedola, the gift was about principle, children who prove independence deserve indulgence. He saw luxury not just as pleasure, but as potential seed capital assets they could always turn into business opportunities. Preparing them for the future, he stressed, mattered more than leaving them money.
- In the end, he advises that wealth can be a curious thing. In life, the joy often lies in sharing it—whether through gifts, cars, or other tokens that make loved ones happy.
With time, he said, maturity in life and business brought him face-to-face with certain realities chief among them, the inevitability of death. Writing a will, he stressed, ensures clarity, removes ambiguity, and spares families the conflict that so often follows when wishes are left unspoken.
