Connect with us
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Billionaire Watch

Oba Otudeko’s stakes in Firstbank and Honeywell are worth over N10 billion

The successful businessman holds stakes in FBNH and Honeywell Flour Mills worth N10.3 billion.

Published

on

Billionaire watch: Oba Otudeko’s stakes in Firstbank and Honeywell are worth N10.3 billion

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.

Hotflex
  • 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.

Other subsidiaries

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.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

2 Comments

2 Comments

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Billionaire Watch

    Top 5 women who became billionaires after divorcing their husbands

    The divorce of Bill and Melinda Gates is set to mint another woman billionaire.

    Published

    on

    Bill & Melinda Gates Foundation

    The divorce of Bill and Melinda Gates is set to mint another woman billionaire. Yesterday, Nairametrics reported on the first set of transactions made by Bill Gates to his ex-wife, Melinda.

    She was transferred securities worth over $1 billion, already making her a billionaire. With more transfers set to come, we want to look at 5 other women who became billionaires after divorcing their husbands.

    5 .  Sue Ann Arnall ($1 billion  

    Sue Ann Arnall was the wife of oil baron and CEO of Continental Resources, Mr Harold Hamm. The 26-year-old marriage ended in 2015 with a handwritten check of a whopping $974 million to Sue Ann, which she initially rejected on the basis that it was too small. After a series of back and forth in court, however, she finally accepted the cheque.

    Before the cheque, Harold Hamm had initially paid her over $20 million, driving the total settlement figure over a billion dollars.

    Harold Hamm is currently the 247th richest man in the world with a net worth of $8.6 billion.

    READ: There are only 15 black billionaires in the world, here are the top 10

    4.  Sue Gross ( $1.3 billion )

    The ex-wife of Bill Gross, the billionaire founder of the investment management firm, PIMCO, walked away from her 32-year-old marriage to the business mogul with a handsome $1.3 billion dollars. She started her own charity afterwards.

    Bill Gross is currently worth $1.5 billion according to Forbes. He founded PIMCO in 1971 and it became one of the most successful investment management firms in America.

    Hotflex

    READ: Squarespace founder is the latest billionaire, set to make $3bn from listing his company

    3.  Elaine Wynn ( $2 billion ) 

    Elaine Wynn is the ex-wife of Steve Wynn and she is a Co-Founder of the successful casino company, Wynn Resorts. After the couple divorced in 2012, she was transferred 11 million shares from the company which was valued at $795 million at the time.

    Her ex-husband sold a substantial amount of shares later that year, which she also got a stake in. Today, her total shares from the Wyatt Resorts are worth over $2.3 billion according to Forbes.

    READ: Is Donald Trump still a billionaire?

    2.  Melinda Gates ($1.8 billion and counting) 

    Melinda Gates is the latest billionaire divorcee on the block and she is already worth $1.8 billion after the first transfer of wealth. Her ex-husband, Bill Gates is the 4th richest man in the world. She will be worth over $60 billion if Bill Gates’ fortune is split evenly with her, although that is very unlikely.

    1.  Mackenzie Scott ($57.7 billion) 

    The ex-wife of the richest man in the world tops the list with a staggering $57.7 billion net worth. She met her ex-husband, Jeff Bezos when they both worked at a hedge fund in New York and she helped set up Amazon.

    After her divorce from Bezos in 2019, she received 4% of Amazon shares which was valued at $35 billion then. Amazon stocks have witnessed a near 75% increase since then. She is currently worth $57.7 billion according to Forbes.

    Jaiz bank

    What you should know 

    Melinda Gates may top the list after the complete transfer of wealth by her ex-husband, Bill Gates.

    Continue Reading

    Billionaire Watch

    The Gates Divorce: Bill Gates’ Holding Company transfers $1.8bn of equities to Melinda Gates

    More details have now emerged on the Gates asset split following the divorce.

    Published

    on

    Details of how Bill and Melinda Gates will share the Gates’ fortune are beginning to emerge. The multi-billionaire couple announced their divorce after 27 years of marriage on Monday via a joint statement.

    Since the divorce announcements, questions on how Bill’s $146bn fortune would be split, have arisen in the media. Nairametrics also did an earlier article on a few possible financial outcomes, particularly regarding the BMG Foundation that the couple jointly Chair.

    More details have now emerged on the Gates asset split following the divorce.

    READ: Bill Gates holds far more cash than Nigeria’s foreign reserve

    Cascade transfers $1.8bn equities to Melinda Gates

    Cascade Investment, a holding company Bill Gates founded with proceeds from his Microsoft Corporation yesterday transferred securities worth more than $1.8 billion to Melinda Gates following their divorce.

    The securities involved include:

    14.1 million shares of Canadian National Railway Co. worth about $1.5 billion

    2.94 million shares in AutoNation Inc., worth $309 million.

    Hotflex

    What you should know

    Melinda Gates is on her way to join the league of women who became sudden billionaires after divorcing their husbands.

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.