MCM Oba Otudeko CFR is a Nigerian businessman who serves as the founder and chairman of the Honeywell Group. As of June 2017, his estimated net worth was US$550 million He’s a Big Player in the Real Estate Sector with Numerous Assets to show for it.
Otudeko is currently ranked as one of the richest people in Nigeria because of his several businesses.
Nigeria’s manufacturing sector has some of the most influential and wealthiest people in the country. Among them, Dr. Oba Otudeko’s name rang particularly. Although he started in the banking industry, he is now a well-known figure in the manufacturing industry, creating thousands of jobs in the value chain and improving local production in the country. On the profile of the founder of Nairametrics this week, we bring you Obafunke Otudeko’s life achievements and how he reached such heights.
Ayoola Obafunke Otudeko was born into the royal family on August 18, 1943, in Odogbolu, Ogun State. This may explain why close friends sometimes jokingly call him “the only Oba without a palace.” Before going to Leeds Business School in Yorkshire, England to study accounting, he received early education at Oak Agbo St. John’s School in Igebbo, Ogun State, and Oliver Baptist High School in Oyo.
After returning to Nigeria, Otudeko worked as a bank clerk in a cooperative bank that went out of business in Ibadan. Over the next two decades, he was promoted to general manager and acting chief executive officer of the bank. He voluntarily retired from the bank in 1983 and was appointed to the board of directors of the Central Bank of Nigeria.
He dabbled in the business world
Odudeko’s mother is a businesswoman, and he has always known that he will do business someday. After he retired from the bank, he had time to pursue this interest. It was at this time that Honeywell Enterprises was originally a trading company that bought and sold goods between the northern and southern states of Nigeria in the 1970s. The company later grew into the Honeywell Group, which is one of Nigeria’s leading local conglomerates.
In order to improve his business skills, he took several courses from several international institutions, including the International School of Management Development in Switzerland, Harvard Business School in Boston, the Holt International Business School in the United States, and Arthur D. Leigh Tell School of Management.
Many of his businesses
The Honeywell Group has grown from a flour mill to a group, with different subsidiaries in different areas of the economy. HOGL Energy Limited belongs to the oil and gas field and was established in 1995. Is a local oil and gas sales company. The company purchases, imports and distributes fuels and gases and lubricants for industrial and household purposes.
Honeywell Flour Mill Co., Ltd. is a food processing company focusing on flour-based products, including baking powder, spherical foods, noodles, and pasta. The company began operations in 1998. Pivot Energy Co., Ltd. (PECL) is committed to providing engineering, procurement, and construction services to the power industry. RealUraga RealEstate Limited provides funds in the real estate sector while managing and developing properties and facilities nationwide.
Anchorage Leisure Co., Ltd. invests in the tourism and hospitality industry and operates the five-star Radisson Anchorage Hotel on Victoria Island. Pavilion Technology Limited provides security services for individuals and customers in public and private spaces, from electronic security systems to manned security, escort services, and security consulting. Huston Power Limited is conducting power generation and distribution in Nigeria and has obtained permission from the Nigeria Electricity Regulatory Commission (NERC). With his many businesses and his shares in these companies, Otudeko is currently among the richest in Nigeria.
Ecobank Nigeria Limited filed a bankruptcy lawsuit requesting the recovery of the alleged 4.1 billion Dutch guilders debt from Dr. Oba Otudeko, Chairman of Honeywell Group. The bank claimed that Otuk had personally guaranteed the loans obtained by his three companies: Honeywell Flour Mills Co., Ltd.; Honeywell Flour Mills Co., Ltd.; Honeywell Flour Mills Co., Ltd.; Honeywell Flour Mill Co., Ltd. Siloam Global Services Ltd; and Anchorage Leisure Ltd. Allegedly, these companies failed to liquidate the loan, so he had to repay the debt.
Meanwhile, the bank asks for “a receiving order against the estate, funds, investment, shares or other interests of the debtor, principally in Siloam Global Services Limited and in Honeywell Group Limited; Honeywell Flour Mills Plc; Anchorage Leisures Limited; Honeywell Oil and Gas Limited; Uraja Real Estate Limited; Broadview Engineering Limited; Uraja Power Solutions Limited; Honeywell Energy Resources Limited; Hudson Power Limited; Pivot Engineering Limited and Pavillion Technology Limited, which interest is held either directly or through the said Siloam Global Services Limited and/or in any other company within and outside Nigeria.”
It also asked for leave to appropriate or utilize the “investments, shares, or other interests of the debtor (Otudeko) in all the companies listed above and in any other company/corporate entity in Nigeria or outside Nigeria in partial or full satisfaction of the debt due.”
In its prayer, Ecobank hopes that the court will order Otudeko to immediately use its “transaction statement, net asset statement, and other necessities, reliable financial details that help promote the Bankruptcy Law.”
Otudeko raised a preliminary objection through his lawyers, urging the court to “cancel/strike” or suspend the “respect for arbitration” procedure. He claimed that the lawsuit was an abuse of court procedures, and believed that the lawsuit seriously violated Article 7(1)(a) of Chapter B2 of the 2010 Nigeria Federal Law Bankruptcy (Procedure) Rules. The case is still in court.
At around 2003, Oba Otudeko set up a non-governmental organization, NGO called Oba Otudeko Foundation (OOF) as an official tool to perform its charitable acts. Over the years, the foundation has organized empowerment programs, as well as capacity building and institution building.
The foundation established an Auditorium for Pan Atlantic University, Administrative Block to All Saints’ College, Edun Village, Ibadan, Footprints Occupational Training Centre, and the Endowment of the Centre of Entrepreneurial Studies of the Olabisi Onabanjo University, Ago Iwoye, Ogun State among others.
Otudeko chairs the Board of Trustees of Honeywell Flour Mill Plc and FBN Holdings Plc and is a member of the board of Lagos Sheraton Hotel.
— Boason Omofaye (@BBoason) March 3, 2020