Rare facts about billionaire oil tycoon, Femi Otedola that will get you inspired..

Here is a review of the TV show with the most shocking revelations about Africa’s most successful entrepreneurs,Forbes Africa TV’s flagship program “My Worst Day With Peace Hyde”.

Over the past 3 months, the show has profiled prolific former Central Bank Governor and Emir of Kanu, Emir Sanusi Lamido Sanusi and Africa’s richest man, Aliko Dangote.

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Femi Otedola and daughters DJ Cuppy, Temi Otedola

 (Instagram )

While a lot was learnt from those aforementioned individuals, a new mogul joining this elite group of entrepreneurs, Mr. Femi Otedola, Chairman of Forte Oil, also has a lot to share. Here are 15 things you can learn from his interview:

• You cannot compete with Destiny

For most religions, the concept of destiny is something that is strongly embraced and Mr. Otedola is certainly no stranger to this concept. As he puts it, he is “A guy that has come to this world without knowing how he has come into the world and a guy that believes that you cannot compete with destiny”.

• It's never too early to start in business

For most people, starting a business venture is something that takes years of maturity, planning and experience but not for this billionaire oil tycoon. Otedola started his first business at the age of 6 years old providing manicure and pedicure services to his father and his friends and billing them. How many of you can recall what you were doing at 6 years old?

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Femi Otedola, Nana Otedola

 (Instagram )

• Let there be Oil!

According to Otedola, the decision to go into the oil business was “spiritual” and had nothing to do with him. He was simply following his chart in life and what God had destined him to be. Where will following your chart take you?

• Motivation comes in all shapes and sizes

One day Otedola’s daughter was asked in class what her father did for a living to which she responded, “My father sleeps”. According to the mogul, that was all the motivation he needed to stop staying at home and living of his 30% interest per month he was enjoying from the banks.

• The bright idea born in the dark

Otedola’s eureka moment happened during the customary black out that has plagued most African economies. The energy crises caused Otedola to see the gap in the market and supply gas oil to power the nation. Perfect example of turning life’s lemons into lemonade.

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Femi Otedola, DJ Cuppy

 (Instagram )

• We all have a value

According to Forbes, Otedola’s net worth is a staggering $1.11 billion. With great wealth comes great responsibility and judging from Mr Otedola’s charitable investments, he is shouldering that responsibility quite well.

• Never be too scared to get your hands dirty

In the early days, Otedola started his oil business by transporting barrels of diesel door to door in a truck. All his friends laughed at him but he persisted and today guess who has the last laugh?

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Dangote, DJ Cuppy, Otedola, Oshiomole and wife on the red carpet 

(Pulse)

• The billionaire who bounced back

The worst day in business for Otedola was when he lost $1 billion. Now that is not something you lose everyday. Incidentally, Mr Otedola is the only billionaire on record, who has lost everything and bounced right back to the top of the coveted Forbes rich list.

• There is nothing wrong with competition

One of Otedola’s mantra in life is “I do not have friends or enemies, only competitors”. To succeed in the cutthroat world of business, you need to outperform the competition.

• Systems and processes are key to success

According to Otedola, his loss among other factors incurred because he did not have the right business structure in place and the banks failed to effectively advise him on the best way to run his empire but instead, only focused on the profits.

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Femi Otedola

 (Forbes)

• There is always two options in any situation

Whether you think you can do it, or whether you think you cannot you are right on both accounts. For Otedola, his options were to commit suicide or to weather the storm and fortunately for us, he chose option B. Remember, your perspective is key in difficult times.

• Always invest in assets

When Otedola lost everything, he was able to recover by selling of over 180 flats and houses to pay off his debt. Assets are resources with an economic value that we acquire to provide a future benefit. Spend your money wisely.

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Billionaires Dangote, Otedola with the graduand.

 (Lowla360)

• Fulfilment can be elusive

According to Otedola, Fulfilment will only come when there is no poor person in Africa and that is what he continues to work towards. Are you fulfilled in your career?

• Hard work is still King

In a harsh economic climate, young entrepreneurs need to work even harder than before to ensure they give themselves the best possible chance of succeeding in business. According to Otedola, there is no free meal anymore.

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Femi Otedola and Aliko Dangote at Alibaba's January 1st Concert

 (Peoplespostng)

• Knowledge is Power

According to Otedola, the secret to success for an entrepreneur is the ability to know what no one knows. “An idea strikes you that no one knows about except you and you are able to translate that idea into a successful business,” says Otedola. It's time to get your thinking caps on.