Billionaire businessman Femi Otedola has revealed that a comment from his daughter, who told her teacher that her father “sleeps,” inspired him to stop living off bank interest and start a business.
Femi Otedola said he once relied on bank savings because Nigerian banks were paying about 35% interest.
His wife was running a business and going to work daily while he stayed at home.
A turning point came when his daughter told her teacher that her father “sleeps” for a living.
The incident motivated Otedola to start a business, eventually leading to his rise as one of Nigeria’s most successful entrepreneurs.
Billionaire businessman Femi Otedola has shared a humorous but defining moment from his early years, revealing how a comment from one of his daughters inspired him to stop living off savings and build a business.
Speaking during an interview, Otedola recalled a period when he had accumulated some money and chose to keep it in the bank rather than venture into business.
According to him, Nigerian banks were offering interest rates of about 35 per cent at the time, making it seem unnecessary to take the risks associated with starting a company.
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