Business

Making it Big: Why l Dropped Out Of High School – Femi Otedola Reveals

Published

3 months ago

August 19, 2025

Billionaire Femi Otedola recounts how his struggle with academics pushed him out of the classroom and into the world of business, where he would eventually build his fortune.

He chairs one of Nigeria’s largest financial groups and has built a multi-billion-dollar business empire. But Femi Otedola has now revealed that his rise was achieved without a university degree — or even a complete high school education.

In the newly released 286-page memoir, Making It Big, which hit the shelves on Monday, the energy mogul details how his struggle with academics pushed him out of the classroom and into the world of business, where he would later make his fortune.

Mr Otedola, 62, writes that he began his education at the University of Lagos Staff School in 1968 but consistently performed poorly. “My parents enrolled me at the University of Lagos Staff School in 1968, at the age of six,” he says. “Kola Abiola — the first son of Chief Moshood Abiola, the future business magnate and presidential candidate who was at the time an accountant — sat beside me in class.

“But there was something about academia and me; we were not compatible. I finished primary school in 1974 because I repeated a class. Even when I was allowed to pass, I consistently anchored the bottom rungs of our end-of-term examination results. My interests were definitely not in academia.”

After finishing primary school, the young Mr Otedola proceeded to Methodist Boys’ High School, Lagos. His academic struggles continued there.

“The school had been founded almost a hundred years earlier, in 1878. Alumni include grand names in Nigerian history: Benjamin Nnamdi Azikiwe, Mobolaji Johnson, Ola Rotimi, Fola Adeola, Olusegun Osoba and Hezekiah Oladipo Davies. When I joined the student body in 1974 the principal was D. A. Famoroti, who’d taken up the post in 1963 and would leave in 1980,” he recalls. “I started Form 1 at age 12 and was there for three years.”

By 1977, after it became clear that his performance was not improving, his parents transferred him to Olivet Baptist High School, Oyo, a boarding school founded by Southern Baptist missionaries in 1945.

“My parents’ thinking was that all my siblings were boarders, and they seemed to be doing well,” Mr Otedola writes. “They thought this change would help turn around my attitude towards academia, but nothing changed.”

He continues: “I started in Form 3 at Olivet, and as I rounded off the first year of my A Levels, my father was establishing his printing company, Impact Press, in Surulere, a residential and commercial district in Lagos State. I grew fascinated with the machines and told myself that my future would be inextricably tied to them. I managed to remain in school until the Lower Sixth examination was over. And then, I was finished; I never returned for my Upper Sixth.

“All I wanted to do was get involved in business. My father kept watch over me and drew me close. My sister taught me shorthand. I knew how to type and began typing letters for my dad. I prepared all his business correspondence. I was fascinated by the way printing machines treat paper. The white paper is placed on one end, the ink and plates are fixed, and the printed material comes out of the other end. It was captivating.”

Despite his mother’s protests and tears, Mr Otedola abandoned school to work full-time in his father’s printing business. He rose quickly, becoming managing director of Impact Press in 1987 at the age of 25.

“However, I soon became restless. I had immersed myself in all aspects of the business and learned the ropes at my dad’s right hand. I certainly enjoyed the job more than grappling with the Pythagoras theorem and struggling through homework at Olivet. As time went by, though, I also thought it was time for a measure of independence from my dad.

“I still wanted to work for him — I really enjoyed hearing the rumbling of machines and savouring the smell of freshly printed material — but I also wanted to do things differently. I told him I wanted to become a sales consultant for the press, and he agreed. He said he would pay me a commission of 10–15% on any work I brought in.

“That was a significant break for me. I invested my money in buying cars for sales and marketing outreach and moved on to the next phase in my nascent professional life.”

With his new role, Mr Otedola began bringing in jobs from major companies and advertising agencies, particularly in calendars and diaries.

“We could hardly keep up with the demand. Our unique selling point was quality, thanks to the state-of-the-art machines we owned. We were also always on time with job delivery. We were engaged in healthy competition with Academy Press, a company located in the Ilupeju area of Lagos.

“I served as my dad’s sales exec up until 1991, when he started his Lagos State gubernatorial campaign. It was a run for office — ultimately successful — that I had initiated.”

That break in the family business gave Mr Otedola the confidence and foundation to strike out on his own. In 1994, he founded Centre Force Ltd. with ₦10 million in starting capital. From those beginnings, he built a vast business empire in oil and gas, shipping, real estate, finance and philanthropy. He went on to chair Forte Oil, invested in power through Geregu Power Plc, and today chairs the board of FirstHoldco Plc, one of Nigeria’s largest financial groups.

The businessman’s disclosure of his educational history may come as a surprise to many who long believed he was a university graduate. At one point, his Wikipedia page even suggested he studied at the University of Lagos.

But in “Making It Big”, Mr Otedola insists his true classroom was not a lecture hall but the business floor. His lessons, he says, came from watching his father, trusting his instincts, and learning from both failures and triumphs.

“I never returned for my Upper Sixth. All I wanted was to get involved in business,” he writes. That decision, once a source of his mother’s tears, would lay the foundation for a career that has made him one of Africa’s most influential businesspersons.

In the end, Mr Otedola’s memoir delivers a striking message: formal education may have eluded him, but discipline, persistence, and the hunger to build made him — in his own words — “make it big.”

Buy Otedola’s ‘Making it Big’ Memoir At These Bookstores Across The World

Business

2025 Net Worth: Meet Nigerian Billionaire Who Has Made More Money Than Aliko Dangote

Published

5 days ago

November 16, 2025

Uthman Abdulganiyu

Abdulsamad Rabiu, the founder of BUA Group, has emerged as the fastest-growing African billionaire in 2025.

His wealth rise in 2025 is higher than Africa’s richest man, Aliko Dangote and other African billionaires.

According to the latest data from the Bloomberg index, Rabiu’s net worth has increased by $5.25 billion in 2025, bringing his total net worth to $8.4 billion as of Friday, November 14.

In comparison, Dangote who has a total net worth of $29.8 billion, has gained $1.75 billion from January to November 14, 2025.

The increase in Rabiu’s wealth is thanks to the performance of his key assets on the Nigerian Exchange: BUA Cement and BUA Foods, two of the largest companies in the country.

However, Dangote remains Africa’s wealthiest individual for total net worth

A Lagos-based financial analyst, Kelvin Umeni, said: “Rabiu’s companies have been performing strongly. If you check the half-year results of his two companies, you will realize he is doing very well. I am not surprised, and I expect him to hit a $10 billion net worth soon.”

Other African billionaires on the Bloomberg billionaire index have also recorded impressive gains this year but not at the same pace with Rabiu.

Johann Rupert, Africa’s second-richest man, has a total net worth of $18.4 billion as at Friday, an increase of $4.79 billion from the start of the year. His wealth is driven by stakes in Richemont.

Nicky Oppenheimer, another South African billionaire known for his holdings in De Beers, has gained $2.18 billion so far in 2025, bringing his wealth to $13.7 billion. While Egyptian billionaire Naguib Sawiris wealth totals $10.1 billion, which is a YTD increase of $3.23 billion.

His fellow countryman, Nassef Sawiris net worth currently stands at $9.42 billion, a $727 million growth in 2025.

South African entrepreneur Natie Kirsh fortune has increased by $530 million, taking his total net worth to $9.86 billion.

It is important to note that Dangote remains Africa’s richest man by a distance, but for wealth gain in 2025, Abdulsamad Rabiu is the rising star.

Business

CBN Gov Welcomes S&P’s Upgrade Of Nigeria’s Outlook To Positive

Published

6 days ago

November 15, 2025

Uthman Abdulganiyu

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has welcomed the decision of S&P Global Ratings to revise Nigeria’s outlook to “positive” from “stable,” describing it as a signal that reforms in the financial system are gaining traction.

S&P announced the upgrade on Friday citing improving policy coordination, strengthened monetary management and steps taken to restore confidence in the Nigerian economy.

The revision shows that Nigeria is now viewed as having a better chance of achieving stronger credit fundamentals over the medium term. This means S&P now sees Nigeria as more likely to strengthen its economic and financial stability in the coming years, based on recent policy improvements.

In practical terms, the agency believes the country has a stronger chance of earning a future credit rating upgrade if current reforms are sustained.

Speaking at a strategic session in Abuja, Cardoso said the development reflects the steady progress recorded in stabilizing key economic indicators since the beginning of the year.

According to him: “This is encouraging news for the country. It shows that our efforts to restore stability, strengthen governance frameworks and rebuild trust in the financial system are being recognized internationally.”

The Governor noted the CBN’s actions—ranging from tighter monetary policies to enhanced foreign exchange market operations—have contributed to clearer market signals and better investor confidence.

“The Central Bank has brought stability to the economy and become a beacon of hope,” he stated.

Cardoso added that the improved outlook should motivate both public and private sector stakeholders to sustain ongoing reforms that support growth, investment, and long-term macroeconomic resilience.

S&P’s latest position places Nigeria on a stronger footing ahead of future reviews and sends a positive message to global investors assessing opportunities in Africa’s largest economy.

Business

Nigeria Targets ₦160bn From Wheat Production

Published

6 days ago

November 15, 2025

Uthman Abdulganiyu

The Federal Government on Saturday said it has earmarked 40,000 hectares of land for 2025/2026 dry season wheat production and registered 80,000 farmers, with an expected output value of approximately ₦160 billion.

The Minister of Agriculture and Food Security, Abubakar Kyari, disclosed this during the official flag-off of the 2025/2026 dry season wheat production programme under the National Agricultural Growth and Agro Pocket Project (NAGSAP) in Jere Local Government Area of Borno State.

Speaking at the ceremony, the minister said that out of the 40,000 hectares earmarked for wheat production this dry season, 3,000 hectares have been allocated to Borno State, representing 6,000 registered wheat farmers.

He said: “Under the 2023/2024 dry season wheat production programme, a total of 107,429 registered farmers were supported with critical subsidized inputs, resulting in an output valued at ₦474,628,000 billion. During the 2024/2025 dry season, 279,297 registered farmers received support, with an output valued at ₦893,750,004 billion.

“For the current 2025/2026 season, the programme is targeting 80,000 registered farmers with an expected output value of approximately ₦160 billion.”

Kyari emphasized that the NAGSAP programme will deploy Agricultural Extension Agents to guide farmers on modern agronomic practices and provide continuous field-level advisory services.

“In addition, Fertiliser and Seed Quality Control Officers will be mobilised to ensure that all inputs delivered to farmers meet the required standards, thereby guaranteeing higher productivity and improved yields,” Kyari added.

According to him, the wheat component of the NAGSAP programme covers sixteen states of the federation.

“These are Adamawa, Bauchi, Borno, Cross River, Gombe, Kaduna, Kano, Kebbi, Niger, Plateau, Sokoto, Taraba, Yobe, and Zamfara. The inclusion of Cross River last year expanded wheat production into the southern region for the first time and strengthened our national capacity to diversify production across ecological zones,” he said.

Kyari noted that the project is designed to include women and young people, enabling them to access training and agricultural opportunities.

“NAGSAP is deliberately designed to leave no one behind. The program ensures that farmers across communities—including women and young people, who play vital roles in our agricultural workforce—have equitable access to inputs, training, and opportunities.

“The success of any agricultural season depends on the quality of inputs that reach our farmers. Without certified seeds, accurate fertilizer blends, and timely access to crop protection products, no level of effort in the field can deliver the yields we require as a nation. This is why NAGSAP places strong emphasis on input quality, traceability, and transparent delivery systems, ensuring that every farmer receives the right inputs at the right time to achieve higher productivity and better returns,” he said.

Also speaking, the Governor of Borno State, Babagana Zulum, applauded the Federal Government for its continuous support towards irrigation development.

“Mr President’s commitment to food security and national productivity provides the foundation upon which programs like this are built,” he stated.

According to him, Borno State, with its vast arable and irrigable land—especially within the Lake Chad Basin—remains one of Nigeria’s most promising agricultural frontiers.

He said: “Today is more than a ceremony; it is a celebration of hope, resilience, and our unwavering commitment to ensuring that no family in Borno State goes hungry and no farmer is left behind. Despite the challenges of displacement, insecurity, and climate shocks, Borno State remains steadfast in growing its own food and empowering its people.”

The governor reaffirmed his administration’s commitment to sustaining all-season farming through the provision of essential infrastructure, logistics, modern machinery, improved seeds, fertilizers, agrochemicals, and other inputs required to boost productivity and support farmers across the state.

“Here in Borno State, wheat cultivation is not just a program; it is a transformative initiative. Through targeted investments in irrigation, mechanization, quality inputs, and extension services, we are equipping farmers to achieve higher yields, enhance productivity, and contribute meaningfully to national output.”

He further stated: “Borno State has achieved remarkable milestones under our people-centered agricultural vision. Our input support programmed have reached tens of thousands of smallholder farmers, resettled households, women, and youth, providing improved seeds, agrochemicals, and agronomic guidance.”