Billionaire businessman Femi Otedola has finally explained the real reason behind his headline-making gift in 2020, when he surprised his three daughters—Tolani, Temi, and Florence (DJ Cuppy)—with brand-new Ferrari Portofinos worth a combined £810,000.
In his memoir Making It Big, Otedola recalled how the luxury cars in pastel pink, brown, and blue went viral after Florence shared pictures online.
The gesture ignited heated public debate, with some hailing him as a doting father while others criticized him for overindulgence and “breaking tradition” by prioritizing daughters over sons.
The 62-year-old clarified that the move was neither impulsive nor flamboyant but a well-thought-out decision. “I did not just wake up one day and decide to buy Ferraris for my kids. I had been planning it since March 2018,” he wrote.
According to him, three key factors influenced the decision:
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Brand Elevation in the Creative Economy
Otedola explained that his daughters’ careers in music, film, and fashion inspired him to make the purchase. He viewed the Ferraris as tools for boosting their public image in industries where perception plays a crucial role.
He illustrated with a story from 1996 about a young furniture maker, Tayo Tabansi, who lost credibility because he drove an old Volkswagen Jetta. After advising him to project a stronger brand image, Otedola sold him his own Mercedes Benz at a discount—a move he credits with shaping Tabansi’s later success as founder of Svengali Designs. -
Financial Independence and Responsibility
Beyond the glamor, Otedola stressed that his daughters were capable of sustaining such a lifestyle. “I made the first insurance payment, and they have paid for the subsequent ones,” he revealed. He emphasized that he would not have made such a purchase if they were unable to handle the cars’ maintenance costs on their own. -
Fatherly Pride and Reward for Discipline
Otedola admitted the gesture was also a reward for his daughters’ maturity, discipline, and respect for family values. In industries often plagued by vices, he described them as “well-behaved and grounded,” noting their closeness to him and willingness to heed his advice.
The billionaire added that as a young man, he had always admired Ferraris, though his parents could never afford one. Decades later, he walked into a London dealership and stunned a salesman by ordering three at once and paying the deposit instantly.
For Otedola, the gift symbolized more than indulgence—it was an investment in his children’s future. He argued that luxury items can serve as “seed capital,” assets that can be converted into business opportunities if necessary.
Reflecting on life’s transience, he also highlighted the importance of preparing for the inevitable. “Writing a will ensures clarity, removes ambiguity, and spares families the conflict that so often follows when wishes are left unspoken,” he advised.
“In the end,” Otedola concluded, “the joy of wealth lies in sharing it—whether through gifts, cars, or other tokens that make loved ones happy.”
