‘The Pressure Was Intense’: Otedola Explains Why He Didn’t Allow His Children to Join His Business

Femi Otedola, one of Nigeria’s prominent business tycoons, has said he made up his mind when he was setting out in business that no children or family would ever work for him.

He is the chairman of Geregu Power, which he acquired in 2013, and First HoldCo, the parent company of the country’s oldest lender FirstBank.

Best known for his fuel retail business that lasted for about two decades, he recalls in his new book ‘Making It Big’ that his wife Nana pressed him to bring their daughters into his company Forte Oil, which he divested from in 2019.

“I would explain to her that that sort of thing never worked. ‘It’s old thinking,’ I argued. ‘I’ve studied business empires where scions took over and ended up ruining everything. The children rarely developed the company beyond where they come in…,’” he says. “The pressure was intense, but I was unwavering.”

Otedola says he did all he could to distract his wife and children from the idea.

He says: “All of them envisioned becoming CEO of Forte Oil, and they didn’t let up for years. Tolani was the first to approach me, after her mother had surfaced the idea, and asked when she could join the company.

“Ifeoluwa was next – she wanted to be CEO straight away. She went on to take a course in the oil business at Oxford University, as well as a programme at Mercuria, an upstream oil giant with interests worldwide. She thought that would help change my mind. Temi, too, used to ask: “Papa, when am I going to wear a suit and come and work in the office?”

“Eventually, I sat my children down, explained to them that Forte Oil was my vision, and impressed upon them that they would not be able to run the business. I sincerely preferred that my children find their voices elsewhere. They did, and now, everybody’s happy.”

He says he encouraged his children to pursue their passion and find their calling with the assurance that they could always count on his support.

“I was not embarrassed when they chose entertainment. I was elated,” the tycoon says. “I got my daughter Tolani a job in London, but as time went by, it became apparent she was only interested in singing and interacting with musicians. Ifeoluwa is now an international DJ, and Temi is an actress and lifestyle entrepreneur.”

Otedola notes that on rare occasions, sons, daughters, nieces and nephews could pull off successful turnarounds and improve on the accomplishments of the founders of a family business.