Oba Otudeko: 5 Power Business Moves by the Nigerian Billionaire
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Billionaires - July 17, 2023

Oba Otudeko: 5 Power Business Moves by the Nigerian Billionaire

Oba Otudeko, a Nigerian billionaire and prominent figure in the business world, has made significant waves with his strategic business moves and impressive entrepreneurial journey. In the realm of business, Oba Otudeko possesses an uncanny ability to navigate the intricate world of wealth creation and achieve extraordinary success.

Through a series of strategic and calculated moves, Otudeko has carved a formidable path for himself, leaving an indelible mark on the business landscape. Let’s take a look at some of these moves.

Oba Otudeko’s high positions in government and private parastatal

Oba Otudeko has held prominent positions in both government and private parastatals, showcasing his exceptional leadership skills. After a successful 23-year career in banking, including serving as the General Manager and acting CEO of the Cooperative Bank, Otudeko was appointed as a Director on the Board of the Central Bank of Nigeria. 

As the 16th President of the Nigerian Stock Exchange, he spearheaded efforts to transform the capital market. Additionally, Otudeko held chairmanship roles in FBN Holdings, Airtel Nigeria, and Fan Milk of Nigeria, and served on the boards of First Bank of Nigeria, Guinness Nigeria, and Ecobank Transnational Inc. His extensive experience and contributions paved the way for more strategic moves towards becoming wealthy.

When he founded Honeywell Group

In the 1970s, Oba Otudeko founded Honeywell Enterprises, which later became the diversified conglomerate known as Honeywell Group. Under Otudeko’s leadership as founder and chairman, the conglomerate thrived across various industries. Notably, Honey Flour Mills, a subsidiary of Honeywell Group, specialized in flour-based products and achieved considerable financial success. 

However, in a significant development, Flour Mills of Nigeria Plc, led by Greek investor John Coumantaros, acquired a controlling stake in Honeywell Flour Mills last year. This acquisition resulted in a personal gain of $53 million for Otudeko, further solidifying his position as a billionaire.

Otudeko’s move into the energy sector

Oba Otudeko made a significant move into the energy sector, expanding his business interests to include notable ventures such as Broadview Engineering and HOGL Energy. Broadview Engineering Limited focuses on optimizing local content in the oil and gas sectors in Nigeria and West Africa. With a team of experienced and proactive engineering professionals, the company specializes in Engineering, Procurement, and Project Management. Their expertise spans conceptual, basic, and detailed engineering, offering comprehensive solutions under tight delivery schedules.

On the other hand, HOGL Energy Limited, formerly known as Honeywell Oil and Gas Limited, operates as the downstream oil and gas company within the Honeywell Group. This company aims to be a leading supplier of petroleum products in Nigeria, focusing on the marketing and distribution of fuels such as diesel, kerosene, and petrol, as well as lubricants to industrial and commercial customers. 

These ventures in the energy sector reflect Oba Otudeko’s strategic diversification and expansion into key areas of the industry, and the source of his wealth.

His advancement to the real estate sector

Oba Otudeko’s venture into the real estate sector has seen him establish notable companies such as Anchorage Leisures and Uraga Real Estate. Anchorage Leisures Limited, a leading indigenous hospitality company, focuses on promoting hospitality, tourism, and culture through strategic partnerships with global leaders in the industry. Operated in collaboration with Radisson Hotel Group, one of the world’s largest hotel groups, the property showcases the company’s commitment to delivering exceptional hospitality experiences. 

Uraga Real Estate (UREL), another venture of Oba Otudeko, is a renowned real estate development company dedicated to transforming spaces and enhancing the lifestyle and well-being of communities. UREL’s design-led philosophy and creative approach are evident in their developments, which span residential, hospitality, and commercial sectors. Through these establishments, Oba Otudeko has made significant strides in the real estate sector, emphasizing his commitment to creating exceptional hospitality experiences and transforming spaces to enrich the lives of individuals and communities while amassing his own wealth.

Otudeko controlling stake at FBN

Oba Otudeko’s strategic move to acquire a controlling stake in First Bank of Nigeria Holdings, as recently highlighted by the Nigerian Stock Exchange, stands as another of his powerful moves. As the former chairman of the bank, the announcement revealed that his investment company had secured an impressive 13.3-percent stake in FBN Holdings, thereby establishing Otudeko as the prominent shareholder of the renowned financial institution.

By acquiring a controlling stake in FBN Holdings, he has solidified his influence and control within the financial sector, further bolstering his position as a prominent billionaire in Nigeria and beyond.

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