Billionaire businessman Femi Otedola has finally
revealed the true motivation behind his widely discussed 2020 gift to his three
daughters — Tolani, Temi, and Florence (popularly known as DJ Cuppy) — when he
presented them with brand-new Ferrari Portofinos worth a combined £810,000.
In an excerpt from his forthcoming memoir, Making
it Big, the 62-year-old recalled how the surprise went viral after Florence
shared photos of the pastel-coloured cars — pink, brown, and blue — sparking a
global debate.
“Friends said I had put them under pressure with their
children, critics claimed I was over-pampering my daughters, and some even
argued I went against tradition, since our society often values male children
more than female ones,” Otedola wrote.
The Real Reasons Behind the Ferraris
According to him, the decision was neither sudden nor frivolous. “I did not
just wake up one day and decide to buy Ferraris. I had been planning it since
March 2018,” he revealed.
1.
Brand Elevation for the Creative
Economy
Otedola said his daughters’ industries — music, film, and fashion — influenced
his decision. He viewed the luxury cars as powerful tools to strengthen their
personal brands. To illustrate, he recalled once undervaluing a young artisan
who arrived at his office in an old Jetta. Believing appearances mattered, he
later sold the man his own Mercedes at a discount — a boost that helped him
grow into Tayo Tabansi, founder of Svengali Designs, now one of Nigeria’s top
furniture brands.
2.
Financial Responsibility
Otedola stressed that his daughters were capable of sustaining the lifestyle
that came with such cars. While he made the first insurance payment, he said
they have since handled subsequent costs themselves. “If they were working
regular 9-to-5 jobs and unable to cover the maintenance, I would never have
bought them Ferraris,” he explained.
3.
Fatherly Pride
The gift was also an expression of pride in his daughters’ character. Despite
the temptations in their industries, he said they had shown maturity,
discipline, and respect for family values. “I could not have asked for more as
a parent,” Otedola noted, adding that they listen to his counsel and remain
grounded.
More Insights
The cars, each costing £270,000, required even their apartments to be adjusted
to fit the fleet. Delivery, he said, was delayed nearly 18 months by the
pandemic.
Otedola admitted that as a young man he admired
Ferraris but could never have afforded one. Decades later, he walked into a
London dealership and ordered three at once, stunning the salesman before
paying the deposit on his card.
For him, the gesture went beyond luxury. “Children who
prove independence deserve indulgence,” he wrote, describing the Ferraris as
not just gifts but potential assets that could be converted into opportunities.
He concluded with a reflection on wealth and legacy:
“In life, the joy often lies in sharing — whether through gifts, cars, or other
tokens that make loved ones happy. Writing a will, too, ensures clarity and
spares families the conflict that comes when wishes are left unspoken.”
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