Billionaire businessman Femi Otedola has shared the extraordinary journey of how he built his multi-billion-dollar empire without a university degree or even completing high school. In his newly released memoir, Making It Big, Otedola opens up about the challenges of formal education that led him to abandon the classroom in favor of diving into business, where he found his true calling.
The 62-year-old energy mogul, who is now the chairman of FirstHoldco Plc, recalls his early years at the University of Lagos Staff School, where he started in 1968. Despite being in the same class as notable figures like Kola Abiola, the son of the late business mogul Moshood Abiola, Otedola struggled academically. He repeated classes and was often at the bottom of the class rankings. It became clear that academia was not his path.
“My interests were definitely not in academia,” he writes, reflecting on his lack of enthusiasm for school. He passed primary school in 1974 but continued to perform poorly in his studies. His struggles continued at Methodist Boys’ High School in Lagos, which he attended after primary school. His parents, hoping for a change, transferred him to Olivet Baptist High School in Oyo. However, even at the new school, his academic performance did not improve.
Otedola’s turning point came when his father began establishing a printing business, Impact Press, in Surulere. Otedola became fascinated with the printing machines and the process of producing printed materials. He says, “All I wanted to do was get involved in business.” He continued attending school for a while, but once his Lower Sixth exams were over, he made the bold decision to leave school and work full-time in his father’s business.
This move, though met with resistance from his mother, set Otedola on a new course. He became the managing director of Impact Press in 1987 at just 25 years old. However, his desire for independence soon led him to seek his own path. He became a sales consultant for the company and invested his money in cars to promote the business. His entrepreneurial drive led him to attract major clients, and the business flourished.
In 1991, Otedola took another significant step when he founded Centre Force Ltd. with an initial investment of ₦10 million. From there, he expanded into other sectors, including oil and gas, shipping, real estate, and finance. He eventually became the chairman of Forte Oil and invested in power through Geregu Power Plc.
In his memoir, Otedola shares how his education, or lack thereof, did not stop him from achieving success. He explains that his true lessons came not from classrooms, but from real-world experience, watching his father, learning from mistakes, and trusting his instincts. Otedola’s story is a testament to the power of persistence and self-belief. He may not have graduated from university, but his determination and passion for business made him one of Africa’s most influential business figures.
“Formal education may have eluded me, but discipline, persistence, and the hunger to build made me ‘make it big.’”
