The stakes of Dr Obafoluke Otudeko, the founder and chairman of Honeywell Group, in Honeywell Flour Mills and First Bank, are currently worth about N10.3 billion.
The successful businessman who was ranked 46th in Forbes’ 2014 Africa’s Richest issue – with an estimated net worth valued at $550 million – is the single majority shareholder of FBN Holdings Plc and Honeywell Flour Mills Nigeria Plc, considering his direct and indirect stakes in the companies.
Otudeko holds a total indirect stake in excess of 532 million in Firstbank, coupled with a direct stake of about 6 million units, bringing his total stakes to about 538 million units of the issued ordinary shares of the bank.
In addition to this, he has an indirect holding amounting to about 5.3 billion issued shares of Honeywell flour mills, through Siloam Global Services Limited, a company that is a 75% equity holder in his flour milling business.
However, the valuation of his total holdings – direct and indirect in Firstbank and Honyflour – at prevailing market prices on 11th March 2021, at the close of trading activities on the floor of the Nigerian Stock Exchange reveals that his stakes are presently worth about N10.3 billion.
- Otudeko’s 538 million stakes in Firstbank Nigeria Holdings (FBNH) are worth N3.8 billion.
- While his 5.3 billion indirect stakes in Honeywell Flour Mills (HONYFLOUR) through Siloam are valued at N6.5 billion.
In just a year, his shareholdings in these companies have gained about N3.79 billion in value, noting that his shares in Honyflour and First bank were worth N0.83 and N4.00 per share respectively, a year ago (At the close of market on March 12, 2020).
Facts about Otudeko
- In addition to his leadership position in Honeywell Group, Oba Otudeko is the Group Chairman of FBN Holdings Plc and has, at various points, been Chairman of Airtel Nigeria Limited and Fan Milk of Nigeria Plc.
- Otudeko was also the 16th President and Chairman of Council of the Nigerian Stock Exchange, between September 2006 and August 2009.
- Prior to this, he served on the Boards of Central Bank of Nigeria between 1990 and 1997, as well as the Boards of Guinness Nigeria Plc between 1999 – 2003, and British American Tobacco Ltd between 2001 – 2004.
His other businesses outside Honeywell Flour Mills Plc
Aside from his Flour milling business, Honeywell Flour Mill Plc, a company initially registered as Gateway Honeywell Flour Mills Limited in 1985, which is one of his many successes as an entrepreneur, Otudeko’s investments are well diversified under the Honeywell Group.
The operations of his conglomerate, Honeywell Group cut across oil and gas, flour milling, real estate and marine transportation.
- The Group’s investments in the oil and gas industry are under HOGL Energy Limited (formerly Honeywell Oil and Gas Limited), a downstream oil and gas operating company that distributes and markets white fuels such as diesel, kerosene, petrol as well as lubricants.
- HOGL tank farms have a combined capacity of 48,000MT, the company also has an 8,800,000-liter capacity lubricant blending plant in Ilupeju, Lagos.
- In the real estate segment, Otudeko owns impressive investments such as the luxurious Radisson Blu Anchorage Hotel, a 5-star, 170-room Hotel another piece of his fortune which is managed closely through Anchorage Leisures Limited, a leading indigenous hospitality company in Nigeria.
Under the Honeywell Group are Pivot Engineering Company Limited (PECL) – an engineering, procurement and construction service provider to the power industry, Uraga Real Estate Limited – a key player in the real estate sector, and also Pavilion Technology Limited, a company that provides security services to individuals and clients in public and private space.