The Nation Newspaper

Tag: Oba Otudeko

  • FirstBank, Hong Kong seek closer business ties

    FirstBank of Nigeria Limited is collaborating with the government of Hong Kong to harness business opportunities in China and other Asian countries.

    The partnership is being supported by Invest Hong Kong (InvestHK), a department of the Government of Hong Kong working to strengthen the state’s status as a leading international business location in Asia by attracting and retaining foreign direct investments in Hong Kong.

    Speaking during a meeting with Nigerian entrepreneurs held at the weekend in Lagos, the Chairman, FBN Holdings, Chief Oba Otudeko, said the initiative would help both parties provide adequate investment opportunities in China as well as other Asian countries.

    He explained that the InvestHK would boost trade and business flow among China, Hong Kong and Nigeria. Otudeko urged Nigerians to embrace the investment and business initiatives of the Asian countries. “It is a point of contact, which I think I want to encourage and recommend very strongly for Nigerian business communities to invest,” he said.

    He also noted InvestHK offers opportunity in the Hong Kong Information Technology, real estate among other investment opportunities.

    Director-General, InvestHK, Simon Galpin, during his presentation, said the initiative was necessary to assist companies to invest and set up businesses in Hong Kong.

    He said partnership with First Bank would help strengthen the country’s relationship with businesses in Africa. “Now is a good time for Nigeria companies to come to Hong Kong to attract investment from Hong Kong,” he said.

    Galpin described Hong Kong as a gateway to opportunities in mainland China and it’s a regional base for expansion across Asia. He said Hong Kong is increasingly the first stepping stone for mainland Chinese companies, when going global.

    In the last year, Hong Kong recorded greater exports than United Kingdom and Italy at $527 billion. Hong Kong’s Gross Domestic Product (GDP) was $962 billion. Hong Kong is a part of China’s one country, two systems structure, operating its own government though within China.

  • Court hears Otudeko’s suit against Dangote February 6

    Court hears Otudeko’s suit against Dangote February 6

    A Federal High Court, Lagos, on Tuesday fixed February 6 for hearing of a suit filed by Oba Otudeko against Alhaji Aliko Dangote and the Nigerian Ports Authority (NPA) over a land dispute.

    Justice Okon Abang adjourned the case at the instance of the counsel to Dangote, Mrs. Fola Sowemimo, to enable her to file written statement on oath.

    The News Agency of Nigeria (NAN) reports that Otudeko, Chairman of Honeywell Group, filed the suit in 2006 at Justice Ramat Mohammed’s court.

    He is claiming 48 million dollars against the defendants as damages for breach of contract over a 10.8 square metres of land within the Lagos Ports Complex, known as the 5th Apapa Wharf Extension.

    In the suit, the NPA, Bureau of Public Enterprises (PBE), Dangote Industries Limited, Dangote and Greenview Development Nigeria Limited, are listed as first, second, third, fourth and fifth defendants respectively.

    NAN reports that the suit was subsequently transferred to Justice Abang after the retirement of Mohammed.

    When the case came up on Tuesday, Counsel to the plaintiff, Dr. Joseph Nwobike (SAN), told the court that the case was slated for trial.

    According to Nwobike, he is faced with the challenge of retrieving the exhibits tendered before the former judge.

    The counsel, therefore, asked for an adjournment to enable him to retrieve the exhibits.

    Meanwhile, counsel to the third, fourth and fifth defendants, Sowemimo, has argued that the case was not yet ripe for hearing since the defence had yet to file its written statement on oath.

    She urged the court to grant an adjournment in favour of the defence, adding that “since the defence was unprepared it would serve the interest of justice to give them time to regularise.’’

    Abang had in a bench ruling adjourned the case to February 6 and ordered the defence to file its written statement before the next date of adjournment.

    In his statement of claim, Otudeko averred that by an agreement, NPA leased the land to him for five years for N2.2 million yearly.

    He said the land was to be used for the setting up 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 Limited belonging to Dangote.

    He said that NPA and BPE later asked him to vacate the facility to ensure its smooth transfer to the new operator.

     

     

     

  • Obafemi Otudeko toeing his father’s path

    Obafemi Otudeko toeing his father’s path

    EASY-GOING and charming Obafemi Otudeko is the son of popular businessman, Oba Otudeko. Like his father who has his hands in many pies, the younger Otudeko has been understudying his father. A graduate of Accountancy Studies from the University of Huddersfield, England, the younger Otudeko, though hard working, still creates time to play polo.

    He is a non-executive director at FirstBank Plc and also the Group Executive Director of the Honeywell Group, one of Nigeria’s leading conglomerates. Otudeko began his professional training at PricewaterhouseCoopers (PWC), where he gained significant experience leading and managing assignments to provide assurance, internal audit & risk management, and business advisory services across different industry segments (Oil & Gas, Consumer, Industrial & Financial Products & Services), finally specialising in the financial services industry practice of the firm.

    The younger Otudeko also sits on the board of directors of Airtel Networks Limited, Honeywell Flour Mills Plc, and Anchorage Leisures Limited developers of the 5-star Radisson Blu Hotel, Victoria Island.