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Nigerian billionaire Femi Otedola revealed that he nearly committed suicide after losing $480 million in the diesel market in 2008.
Otedola said that his failure was so bad that his colleagues mocked him when Akin Akinfemiwa, the CEO of Geregu Power Plc, wanted to work with him at that time.
He said this at Akinfemiwa’s 50th birthday celebration in London on Tuesday.
The oil magnate said that he was only stopped from committing suicide by the thought of his wife and children.
The father of three said that he met Akinfemiwa in 2005 when he was looking for a trader for his training company in London, Fine Shade Energy.
Akinfemiwa's bosses at Oando had warned him against working for Otedola, who had sacked six CEOs in six years.
However, Akinfemiwa took the job and helped the oil mogul to turn the business around. Otedola was so impressed that he gave Akinfemiwa 1% of the business, and later appointed him CEO of Zenon Oil and African Petroleum.
The business mogul said that he was grateful to Akinfemiwa for helping him to rebuild his business and that he was now a "better man" because of it.
