A major shareholding change occurred at Nigeria’s oldest banking group, First Holdco Plc.
Key shareholder Oba Otudeko, exited the group in a N323.33 billion deal.
A total of 10.43 billion ordinary shares of First Holdco were swapped on the Nigerian Exchange (NGX) in 17 off-market, negotiated deals at an average price of N31 per share.
The transaction, valued at N323.33 billion, represented about 25 per cent majority stake in the group, which currently has 41.87 billion outstanding shares.
The negotiated trade window of NGX allows buyers and sellers with significant transactions to pre-arrange the terms, including price and transfer, outside the ordinary price discovery of the general market. Such transactions are then brought to the market for formal transfer and completion of ownership change.
Insider sources said the First Holdco shares traded yesterday were held by the Otudekos, who have been embroiled in ownership and customer tussles with the banking group.
There are three well-known major shareholders in the banking group- the Otudekos, Femi Otedola and Hassan-Odukale. Several other shareholders hold reasonably large but less than significant stake. A significant stake represents five per cent equity stake or more, according to extant rules.
However, the identity of the buyer remained unverified as at close of business as extant rules allow some extended period for filing of necessary documents on change of ownership.
The Central Bank of Nigeria (CBN) is required to screen and approve a new, significant investor in a Nigerian bank. Many stakeholders had called for negotiated settlement of the disagreements between the Otudeko, who had led the banking group through many significant phases of its history and a new generation of investors in the group led by Lagos billionaire, Mr Femi Otedola.
Otedola, now chairman of First Holdco, had acquired single, individual largest stake in the oldest banking group and started a turnaround, which had seen exit of many senior executives and court cases against many stakeholder-debtors.
The market reaction to the transaction was positive as First Holdco’s share price rose to about N32 per share, pushing the group’s market capitalisation above N1.3 trillion.
A Federal High Court in Lagos, on Thursday, adjourned until June 11, for continuation of settlement talks, in a suit against Chairman of the Honeywell Group, Oba Otudeko and others.
Justice Chukwujekwu Aneke adjourned the case for report of settlement, after the first defence counsel, Mr Bode Olanipekun (SAN), informed the court that parties were still negotiating settlement.
Olanipekun told the court that settlement had not broken down but still on.
Recall that at the last adjourned date of March 17, Chief Wole Olanipekun had informed the court that a meeting involving all counsel had been convened at the instance of the Attorney General.
He had said that this was aimed at reaching a peaceful settlement of the case.
On her part, the prosecutor, Mrs Bilikisu Buhari, confirmed the position to the court, but added that the case be adjourned for report of settlement or arraignment.
The court has now adjourned the case until June 11, for report of settlement or arraignment.
EFCC had preferred a 13-count charge against Otudeko and a former Managing Director of First Bank Plc, Olabisi Onasanya. Also charged is a former board member of Honeywell, Soji Akintayo and a firm, Anchorage Leisure Ltd. The charge is marked FHC/L/20C/2025
The case was earlier scheduled for arraignment on Jan. 20, but the defendants were absent on the grounds that the EFCC had not served them with any charge.
According to William Shakespeare, the globally revered English playwright and poet, and in his seminal book, Twelfth Night: “Some are born great, some achieve greatness, and others have greatness thrust upon them.”
For Dr Ayoola Oba Otudeko, however, despite being born into a royal family, he has gone ahead to achieve additional greatness in virtually all facets of life.
As a matter of fact, the nonagenarian’s achievements and accomplishments are boldly and vividly etched in the pantheon of the all-time greats.
As the founder and chairman of the Honeywell Group, Otudeko’s greatness extends beyond the shores of Nigeria.
Otudeko, a former president and chairman of council, Nigerian Stock Exchange, is also the life patron of the highly respected Nigerian-South African Chamber of Commerce.
An astute and astounding businessman, Otudeko is a national treasure with a difference and one of the highest employers of labour in Nigeria.
His numerous companies employ thousands of Nigerians, thus contributing unquantifiably to the growth and development of our dear country.
Unknown to many, Otudeko is also a member of the prestigious office of distinguished friends, London Business School, UK.
As the chairman of First Bank Limited, from 2009 to 2012, and later as chairman of FBN Holdings, between 2012 and 2021, Otudeko gave his all.
Specifically, Otudeko, as chairman of FBN Holdings, was instrumental to the remarkable transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.
This is a rare feat that no other chairman, both past and present, has been able to surpass.
Deservedly awarded the prestigious national honour of Commander of the Federal Republic (CFR), by the Federal Government, he has built many leading companies in Nigeria from the scratch and has equally worked with others to build many other successful companies and distinguished individuals.
A boardroom guru, he has sat on the boards of several blue chip organisations either as chairman or director. Aside from First Bank, Otudeko was a former chairman of Honeywell Flour Mills, Airtel Nigeria, Fan Milk of Nigeria Plc, Nigerian-South African Chamber of Commerce and National Maritime Authority.
He equally contributed immensely to the growth of our nation’s economy, while sitting as a director on the boards of Central Bank of Nigeria, Ecobank Plc, Guinness Nigeria Plc, British-American Tobacco Company, Franco-Nigeria Chamber of Commerce, First Bank of Nigeria, among others.
Undoubtedly and unarguably too, Otudeko’s giant strides and invaluable contributions to the growth and development of Nigeria’s economy cannot be easily quantified. Reasons he is constantly applauded and decorated with awards and diadems, both within and outside Nigeria and by private and public institutions.
Otudeko, a proud recipient of the globally acclaimed Paul Harris Fellow Award of Rotary International, was also honoured with the ICAN Merit Award for his unending services to the accounting and banking sectors of our economy.
One of the few honorary citizens of Dallas, Texas, USA, he is equally a recipient of the National Order of Productivity Merit Award of the Federal Government of Nigeria, alongside the Zik Foundation for Leadership Award, among numerous other honours and recognitions.
This great Nigerian, who was born in Ibadan, Oyo State, is a fellow of the Institute of Secretaries and Administrators of Nigeria.
He was a member of the Presidential Advisory Council on Nigeria’s industrial plan as well as a council member respectively, for both the Manufacturers Association of Nigeria and Nigerian-Netherlands Chamber of Commerce.
Interestingly, the greatness of Otudeko, who has dedicated over five decades of his very illustrious career/life to nation building, comes from his desire to do extraordinarily serve humanity and nothing more.
A proud “old boy” of the popular Olivet Baptist High School, Otudeko is one of the leading lights of our nation’s economy.
Therefore, this calculated attempt to pull him down by all means and again tarnish his legacies must be condemned by all men and women of goodwill.
No amount of lies and propaganda, especially in the media, can distort, displace or diminish his impactful contributions and dedication to the Nigerian economy and his country.
Johnson Akesode, a public affairs analyst and social commentator, writes from Abuja
Following the recent news report on Dr. Ayoola Oba Otudeko’s alleged involvement in First Bank’s $600m oil debt, his general counsel has released a statement saying the foremost investor is confident truth will prevail.
In a recent statement by Otudeko’s counsel, Olasumbo Abolaji, the 81-year-old industrialist and investor refutes the claims concerning his role in FBN Holdings and is aggressively defending his reputation.
“Dr Oba Otudeko is a builder and one of Nigeria’s foremost investors and industrialists. He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies. This includes FBN Holdings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company,” the statement read.
Continuing, the statement reads, “With regards to the reported claims, Dr Oba Otudeko would like to clarify that he has never served in an executive capacity within FBN Holdings and its banking subsidiary, First Bank of Nigeria Limited and as such has had no operational responsibility in the organisation. Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”
The statement also revealed that no official summons nor invitation has been received by his legal team or counsel since the perceived media trial.
“As of this moment, he has received no official summons, nor has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.”
The statement further stressed that Otudeko is rather focused on mentoring the next generation of business leaders as he’s neither interested in pursuing or serving in any executive or non-executive capacity of any organisation in Nigeria or anywhere in the world.
“At 81, after five decades of contributions to the growth of Nigeria’s economy, Dr Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.
He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, nor is he interested in serving in a non-executive capacity on any board besides those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.”
Otudeko is a member, Office of Distinguished Friends, London Business School, London, and has served on many boards including Africa Regional Advisory Board of London Business School, London, United Kingdom and Presidential Advisory Council on Nigeria Industrial Revolution Plan.
The Federal High Court sitting in Ikoyi, Lagos has fixed Monday, January 20, 2025, for the Economic and Financial Crimes Commission (EFCC) to arraign the Chairman of Honeywell Group, Chief Oba Otudeko and a former First Bank Managing Director Stephen Onasanya for allegedly looting N12.3billion from First Bank.
Otudeko, former Chairman of First Bank of Nigeria (FBN) Holdings and Onasanya are to be arraigned alongside a former board member of Honeywell Soji Akintayo and a firm, Anchorage Leisure Limited connected to Otudeko.
According to the EFCC, the four committed the fraud in tranches of N5.2billion, N6.2billion, N6.150billion, N1.5billion and N500million, between 2013 and 2014 in Lagos,
The 13-count charge, filed by EFCC counsel Bilikisu Buhari on January 16, 2025, further claimed that the defendants,made and uttered forged documents to deceive the bank.
Otudeko, Onasanya, Akintayo and Anchorage will be brought before Justice Chukwujekwu Aneke, to whom the case, registered as FHC/L/20C/2025, been assigned.
Specifically, count 1 accused the defendants of conspiring “to obtain the sum of N12.3Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-TECH DYNAMIC LINKS LIMITED and Stallion Nigeria Limited, which representation you know to be false.”
In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V TECH DYNAMIC LINKS LIMITED which representation you know to be false.”
The 3rd count claimed that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”
In the 4th count, they were accused of conspiring to spend the N6,15 Billion, out of the monies.
According to the Commission, the offences contravened Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and was punishable under Section 1(3) of the same Act.
Counts 5 and 6 read: “That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1,5 Billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED on or about 17th day of December, 2013 in Lagos, converted to the use of Honeywell Flour Mills Pic the sum of N500 Million Naira Only which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 15(2 (b)) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.””
Other charges are as follows:
“Count 7. That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court conspired amongst yourselves to commit an offence to wit: uttering a forged document – titled “Letter of Application” with intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the MISCELLANEOUS OFFENCES ACT, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.
“COUNT 8: That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court uttered a forged document titled “Letter of Application” with intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Dynamic Links Limited, and you thereby committed an offence contrary to Section 1(2)(c) of the MISCELLANEOUS OFFENCES ACT, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under same Act.
“COUNT 9 That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court conspired amongst yourselves to commit an offence to wit: making false document titled “AUTHORIZATION TO ISSUE INVESTMENT CERTIFICATE TO FIRST BANK” with intent that it may be used by First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the MISCELLANEOUS OFFENCES ACT, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.
“COUNT 10: That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court made a forged document titled “AUTHORIZATION TO ISSUE INVESTMENT CERTIFICATE TO FIRST BANK” with Intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 1(2) (c) of the MISCELLANEOUS OFFENCES ACT, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under same Act.
“COUNT 11: That you, CHIEF OBA OTUDEKO AND STEPHEN OLABISI ONASANYA on or about 31st day of October, 2014 in Lagos, within the jurisdiction of this Honourable Court procured Abiodun Olatunji and Raymond Eze to transfer the sum of N6,200,000,000 (Six Billion, Two Hundred Million Naira Only), to STALLION NIGERIA LIMITED’s account number “2015708429” domiciled with First Bank, which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to wit: Fraudulent False Accounting and you thereby committed an offence contrary to Sections 18 (c) and 15(2 (b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
“COUNT 12: That you, CHIEF OBA OTUDEKO AND STEPHEN OLABISI ONASANYA on or about 11th day of December, 2013 in Lagos, within the jurisdiction of this Honourable Court procured Abiodun Olatunji and Raymond Eze to transfer the sum of N2, 090, 000,000 (Two Billion, Ninety Million Naira Only), from STALLION NIGERIA LIMITED’s account number “2015708429” domiciled with First bank, to Emmerado Logistics Limited’s account number “0688985010” domiciled with First City Monument Bank, which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to wit: Fraudulent False Accounting and you thereby committed an offence contrary to Sections 18 (c) and 15(2 (b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
“COUNT 13: That you, CHIEF OBA OTUDEKO on or about 3rd day of September, 2013 in Lagos, within the jurisdiction of this Honourable Court whilst being the Chairman of First bank Plc indirectly had personal interest in a loan facility sought for by V Tech Dynamics Links Limited in the sum of N6,150,000,000.00 (Six Billion, One Hundred and Fifty Million Naira Only), which interest was not declared to the Bank and you thereby committed an offence contrary to Section 18(1) BANKS AND OTHER FINANCIAL INSTITUTIONS ACT 2004 and punishable under Section 18(2) of same Act.”
Ecobank Nigeria Limited has applied to the Court of Appeal in Lagos for extension of time to enable it seek leave to appeal a ruling by Justice Babs Kuewumi of the Federal High Court in Lagos in a winding-up petition against chairman of Honeywell Group, Oba Otudeko.
The bank initiated the bankruptcy proceedings against Otudeko over an alleged N5.5billion debt by virtue of loan facilities availed Honeywell Flour Mills Plc, Siloam Global Services Limited and Anchorage Leisures Limited, said to have been personally guaranteed by Otudeko.
The appellant is seeking an order by the Appeal Court granting it leave to appeal the ruling delivered last February 19.
The ruling followed the winding-up petition filed by Ecobank on October 17, 2015, accompanied by motion ex-parte and motion on notice.
The bank said the petition was a bid to recover the money from Otudeko “considering the looming and impending danger of having its banking licence withdrawn after the respondent failed to liquidate its indebtedness after several demands.”
Justice Okon Abang, who first handled the case, asked the bank to put the respondent on notice to show cause. After being put on notice, Otudeko filed a motion on notice seeking to dismiss/strike out the petition.
Justice Kuewumi, who took over from Justice Abang, ruled that he would accord higher priority to Otudeko’s motion on notice ahead of other pending applications.
Dissatisfied with the ruling, Ecobank appealed. The Court of Appeal, last October 21, struck out the appeal on the basis that the appellant did not first obtain leave of the lower court before appealing.
The bank is, therefore, seeking for reliefs to enable it invoke the Court of Appeal’s jurisdiction to entertain the appeal.
“The applicant (Ecobank) ran out of time to appeal as a result of the previous proceedings in suit no CA/L/227/16 which was not determined on the merit as a result of failure to procure the needed leave.
“The leave of this court is required to extend time to obtain leave of court to appeal the ruling of lower court. It is in the interest of justice that this application be favourably considered and granted accordingly,” the bank prayed.
The bank, through its lawyer Mr Kunle Ogunba (SAN) is seeking a receiving order against Otudeko’s estate, funds, investment and shares in Honeywell Group, Honeywell Flour Mills, among other companies, as well as an order declaring him bankrupt.
Ecobank prayed for an order commanding Otudeko to immediately avail it the companies’ statement of affairs as well as net worth and other credible financial details as required by the Bankruptcy Act.
It asked for a consequential order empowering the bank to sell Otudeko’s properties wherever they are situated, as well as an order enabling it to utilise the investments or shares in companies in which Otudeko has interest.
In a motion on notice, Ecobank, among others, is also seeking an interlocutory order appointing a special manager and receiver over Otudeko’s assets.
But, Otudeko, in its counter-affidavit sworn to by Omolade Adeyemi, has urged the Court of Appeal to refuse Ecobank’s application.
He said the bank had prosecuted the subject-matter of the appeal and judgment had been given in which the Court of Appeal upheld his preliminary objection and struck out appeal.
The respondent said the appellate court also attended to the appeal on its merits, considered arguments by parties and affirmed the correctness of Justice Kuewumi’s ruling.
“It is in the interest of justice to refuse the applicant’s application,” Otudeko said.
In the lower court, the Honeywell Group’s chairman said the alleged debt “is neither ascertained nor undisputed.”
He added that Honeywell Four Mills and its sister companies commenced a suit against the bank before another judge “owing to disagreements between it (Honeywell) and the respondent (Ekobank) as to the complete liquidation of their outstanding obligations to the respondent having regards to the terms and condition of the credit facility.”
United Nation Deputy Secretary General designate, Amina Mohammed, was eulogised at a ceremony in her honour by corporate Nigeria in Lagos last week.
Eminent personalities showered tributes on the environmentalist at the event which held at Oriental Hotel, Lagos.
Among them were Minister of Transportation, Rotimi Amaechi, Minister of Women affairs, Senator Aisha Alhassan, popularly known as Mama Taraba, Minister of State for Environment, Ibrahim Jibrin and Chairman First Bank Holdings, Oba Otudeko.
Describing her as one of the finest examples of patriotism, Amaechi revealed that the minister agonised before accepting the UN top job.
“Before it came to the public, what many people don’t know that it was a difficult decision for her to accept the job because it was a big test of her patriotism.
“She is one of the best models of patriotism. As an individual, those of in the Federal Executive cabinet can tell you that Amina is such a wonderful person,” Amaechi said.
Alhassan corroborated Amaechi, revealing how accepting the UN appointment was tough for her to handle.
She described Mohammed as a “dedicated, hard working, honest person.
“She has always been passionate about women advancement, women empowerment and gender affairs.
“She’ll always call me to say, ‘come, let us collaborate to see what is good for Nigerian women. She’s my friend, my sister. I’m very happy for her and happy for Nigeria. She’s a good person and the world needs her”.
After acknowledging the tributes, Amina said: “I am really overwhelmed. Because I feel like I really love to work.
“It feels like an out of body experience. Government is a continuum.
“Everything that we do in government is aimed at building institutions. You are judged by what happens after you leave.
”We can do many things to help fulfill the President’s agenda. Choosing between Nigeria and the United Nations was probably one of the most difficult decisions of my life.”
On the Ogoni cleanup, she said: “We have done more in the last 13 months than we have in the last 10 years.
“We want to use Ogoniland as the benchmark for how things should be done.
We’ll take the lessons from Ogoniland to find a solution. Nigeria has a lot to share and I’ll share them with the rest of the world.”
The Federal Government has promised that 27,000 Megawatts of power would be generated within the next 18 months to address the challenge of epileptic power supply in the country.
Vice President, Prof Yemi Osinbajo made this known at a book presentation held at Trenchard hall, University of Ibadan on Monday.
Prof Osinbajo noted that implementation of the 2016 budget would commence in the next few days and priority would be accorded to the power sector to proffer lasting solutions to electricity supply in the country.
He identified the major challenges of power supply in the country to include pipe line vandalism and transmission of gas from gas wells to power plants.
The Vice President who hinted that about 5,000 Megawatts of power was generated shortly after the present administration took over the mantle of leadership before pipelines were blown by vandals, said the Federal Government had put up adequate measures to forestall pipeline vandalism.
Prof Osinbajo maintained that no public office holders found guilty of corruption would go unpunished as the present administration remained committed to fighting corruption in the country.
Prof Osinbajo on the occasion, also called on Nigerian elites to continue to promote and advance the visions of Government towards national development.
Earlier in his remarks, Chairman on the occasion, Oba Otudeko enjoined Nigerians to remain committed to the cause for a better Nigeria by performing their civic responsibilities and complementing Governments efforts.
Distinction is like an iron forge. It imbues its source with rugged grains of burnished steel. In billionaire businessman, Oba Otudeko, it manifests like parapets of strapping character. Otudeko personifies so much of what makes excellence a burdensome, yet enviable trait. He is a man who sees something in everything that the rest of us necessarily don’t. But his genius is not just his ability to see what others can’t; rather, it is about how he channels it and puts it to good use.
This, perhaps, is why he was recently conferred with the Chief Executive Officer, CEO, of the Year award at the 2016 Africa CEO Forum held last week in Abidjan, Côte d’Ivoire. The Africa CEO Forum is designed to reward Africa’s best CEOs, companies and investors whose strategies have contributed immensely to the growth of Africa. Otudeko emerged the winner of the 2016 award ahead of seven other African chief executives, including our own Aliko Dangote. Apparently, Otudeko and Dangote were the only Nigerians listed among the eight top contenders for the coveted award.
The 2016 Africa CEO award won by Otudeko is no doubt a testament to his outstanding contributions to the development of the African continent. He has over the years, spurred economic growth in Africa by transforming and improving the business landscape with progressive and futuristic projects. While presenting the award to Otudeko, the Founder and President of the Africa CEO Forum, Amir Ben Yahmed, noted that the award was conferred on Otudeko for his achievements in the fields of development, governance, strategy, leadership, and financial performance across the operations of his conglomerate.
In his response, Otudeko expressed happiness at the recognition for his contributions to the betterment of Africa. In his words: “I see the award as recognition of hard work, commitment and confidence in what is indeed African”. He encouraged African CEOs to continue to work together to support the continent’s growth dynamics.
The award is a timely endorsement of Otudeko’s astuteness in entrepreneurship and citizenship of the progressive African business community. Otudeko is a very shrewd entrepreneur. He is an imaginative visionary too. But none of this influences his estimation of his competence and worth. Despite his proficiency and acclaim, Otudeko affects a humble poise.
Since I was introduced to him in his house at Ikoyi many years ago by one of Nigeria’s most outstanding army generals, General Adetunji Olurin (rtd), I have had the opportunity to observe him at close quarters. Even in his office in Ikoyi, which I have been to on several occasions, he levels up with his staff, throwing banters and joking with them whenever he moves around the premises. As chairman of Honeywell Group, Otudeko observes remarkably patent and simple principles of business and leadership. He brings clarity of purpose to his work. He is a good listener who comes to the table not with some preset notion of distrust but an open mind; he asks all the tough questions and tries to find the solutions. That makes him an unassuming leader of men.
Born Obafunke Otudeko on August 18, 1943, the native of Odogbolu in Ogun State is, at his core, a positively ambitious, reserved and principled man. He is very honest about his convictions and expresses them without reservations irrespective of the constitution of his audience. His ingenious approach to business has distinguished him as one of Africa’s most formidable and respected business icons. His dogged ascent of the steep planes of entrepreneurship establishes his girth as an astute magnate belonging to the proverbial rare breed or champions.
However, Otudeko’s leadership qualities did not come by accident. Over the years, he has attended management courses at several prestigious institutions including the Harvard Business School, the International Institute for Management Development in Lausanne, Switzerland, the Arthur D. Little School of Management and the London Business School. A trained chartered banker, corporate secretary and accountant, Otudeko, whose domestic and foreign interests cut across diverse sectors of the economy, was, at various times, chairman, First Bank of Nigeria, FBN, (UK) Limited, Airtel Nigeria and Fan Milk of Nigeria Plc. He has also served on the boards of the Central Bank of Nigeria (CBN), Guinness Nigeria Plc, British American Tobacco Limited and Ecobank Transnational Incorporated headquartered in Lome, Togo, among others.
He has been conferred with several honours. In recognition of his contributions to the economic and social development of Nigeria, in 2011, the ex-president and chairman of council of the Nigerian Stock Exchange, NSE, was conferred with the national honour of Commander of the Order of the Federal Republic, CFR, by former President Goodluck Jonathan, who was fond of referring to him as a father. Before then, he had previously been awarded Officer of the Order of the Federal Republic, OFR, in 2002 and Member of the Order of the Federal Republic, MFR, in 2000.
Back in his home base, Ogun State, as part of the activities marking the 40th anniversary celebrations of the Gateway state last February, Otudeko was also conferred with a special recognition award by the Ogun State government in appreciation of his outstanding contributions to the development of the state and the country.
Many people believe success is a rare privilege. But according to Dr. Kenneth O. Gangel, a former professor of Christian Education at Dallas Theological Seminary in Dallas, Texas, United States, “success is not rare. It is common. Very few miss a measure of it. It is not a matter of luck or of contesting, for certainly, no success can come from preventing the success of another. It is a matter of adjusting one’s efforts to overcoming obstacles and one’s abilities to give the service needed by others. There is no other possible success. Most people think of it in terms of getting; success, however, begins in terms of giving.”
Otudeko must be a good fan of Gangel because in spite of the trappings of his fortune, he affects a conscious desire to impact lives positively, thus he gives back to the society through the Footprints Occupational Training Centres, an initiative of his Oba Otudeko Foundation. An astute administrator and philanthropist, it is incontrovertible that he has impacted positively on the immediate and relative communities of Honeywell Group through wealth and value creation. Not a few successful and celebrated business icons today have benefited tremendously from his business acumen and financial reserve.
The divine grace of God, no doubt, has influenced his trajectory as an ambitious businessman in climbing to the pinnacle of entrepreneurial acclaim. Strikingly regal in well-designed Nigerian and African fabrics, elegantly accessorised and especially complemented with his trademark caps, he moves around without an entourage at his beck and call; Otudeko carries no chips on his shoulders as many successful magnates are wont to do. Notwithstanding, his citizenship of humanity is enviable and worth emulating by generations of established and aspiring magnates.
Having joined the business world at a very tender age, he is, today, considered one of the richest men in Africa, according to Forbes magazine. His Honeywell Group was founded in 1972. It originally started operations as a trading concern, importing and marketing baking yeast, stock fish, glass and steel rods, among others. The group of companies has overtime, evolved into a diversified enterprise with businesses across major sectors of the Nigerian economy. Through additional portfolio investments, the group is also a significant provider of capital to other sectors of Nigeria’s economy including financial services, telecommunications, and security management.
Today, his conglomerate encompasses the oil and gas industry, flour milling, real estate and marine transportation sectors. Another impressive tract of his fortune is in the oceanfront Radisson Blu Hotel in Victoria Island, Lagos, which provides excellent services and world class relaxation for its teeming patrons. Here is wishing Oba Otudeko more feathers to his already richly feathered cap!
IT would not come as a piece of news to many that Africa’s richest man, Alhaji Aliko Dangote, and one of Nigeria’s biggest industrialists, Oba Otudeko, were not in good terms for quite some time. The two had been at daggers drawn over a parcel of land. The dispute was said to be so serious that the two were not even on talking terms. But all that appeared to have changed last week when they met at the funeral of former governor of Lagos State, Sir Michael Otedola, in Odoragushin, Epe, Lagos.
Sensing that they might once again spite each other at the occasion, friends of the two heavyweights wasted no time in urging them to exchange greetings as soon as they met. Femi Otedola himself was seen muttering some words to the two; a gesture that caused many of the onlookers at the event to burst into laughter.
It will be recalled that there were media reports sometime ago claiming that Otudeko, the Chairman of Honeywell Group, had filed a suit against the Dangote Group and the Nigerian Ports Authority (NPA), claiming $48 million as damages for breach of contract over a 10.8 square metre-land within the complex of the NPA, known as the 5th Apapa Wharf Extension.
In the said suit, the NPA, the Bureau of Public Enterprises, Dangote Industries Ltd, Alhaji Aliko Dangote and Greenview Development Nig. Ltd, were listed as first, second, third, fourth and fifth defendants respectively. In his statement of claim, Otudeko averred that by an agreement, NPA leased the land to him for five years for N2.2m yearly. He said the land was to be used for the setting up of a bulk food handling facility, adding that in keeping with the agreement, it paid the amount and additional N290,000 for survey.
According to the plaintiff, the BPE suddenly suspended his pre-existing rights and granted the concession to Greenview Development Ltd, which belongs to Dangote.
