“My daughter told her teacher I sleep for a living” — Femi Otedola reveals what pushed him to 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.

“I had made some money in savings. Nigerian banks were paying 35 per cent in interest at the time and I thought to myself, it doesn’t make sense to take any risk to set up a business if I can just keep the money in the bank,” he said.

While he stayed home, his wife ran a business and left for work every morning.

Otedola said the arrangement continued until a conversation involving one of his daughters made him reconsider his decision.

“My wife set up a business and she would wake up in the morning and say, ‘Darling, I’m going to work,’” he recalled.

The turning point came when one of his daughters returned from school after being asked by her teacher what her father did for a living.

According to Otedola, the child innocently responded: “My father sleeps.”

The businessman said hearing the response immediately changed his perspective.

“One day one of my daughters went to school and was asked, ‘What does your father do?’ She said, ‘Oh, my father sleeps.’ So I said, now it’s time for me to set up a business,” he said.

The revelation highlighted the beginning of a journey that would eventually make Otedola one of Nigeria’s most successful entrepreneurs and investors.

Today, Otedola is one of Africa’s most prominent businessmen, with interests spanning energy, finance and other sectors. He currently serves as chairman of First HoldCo Plc and remains one of Nigeria’s most influential corporate figures.

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His story has since generated reactions online, with many Nigerians describing it as a reminder that even the most successful entrepreneurs often start with uncertainty before finding the motivation to pursue bigger ambitions.

For many, the anecdote also underscores how seemingly ordinary family moments can become life-changing turning points.