Honeywell Group acquires 14.12% stake in Ikeja Hotel Plc

Honeywell Group Limited has acquired a 14.12% equity stake in Ikeja Hotel Plc, further expanding its investment portfolio in Nigeria’s corporate sector.

The acquisition was disclosed by Ikeja Hotel Plc in a filing to the Nigerian Exchange Limited dated July 2, 2026, and seen by Nairametrics.

Honeywell Group is controlled by Nigerian businessman Oba Otudeko.

What they are saying

According to the disclosure, HGL Real Estate Limited, an affiliate of Honeywell Group, acquired 305,323,525 ordinary shares of Ikeja Hotel Plc, representing a 14.12% shareholding in the company.

• “Ikeja Hotel Plc hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited, that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares representing 14.12% shareholding in the Company,” the filing stated.

While the value of the transaction was not disclosed, the acquired shares were worth approximately N13.21 billion based on Ikeja Hotel’s closing share price of N43.25 on the Nigerian stock market at the close of trading on Thursday.

More insights

The latest acquisition adds to Honeywell Group’s notable activity in Nigeria’s capital market in recent years.

• In July 2025, the Securities and Exchange Commission confirmed that it had granted a “no objection” to the sale of shares in First HoldCo Plc by Oba Otudeko and Tunde Hassan-Odukale to RC Investment Management Limited.
• The off-market block transaction involved 10.43 billion shares at N31 per share, amounting to N323.4 billion and representing roughly 25% of First HoldCo’s outstanding shares.

The transaction marked Otudeko’s exit as a major shareholder in First HoldCo and its predecessor entities after decades of involvement with the institution.

What you should know

The acquisition comes as Honeywell-related businesses continue to report strong financial performance.

Honeywell Flour Mills Plc recently reported a profit before tax of N21.9 billion for the financial year ended March 31, 2026, representing a 3.3% increase from the previous year.

The company recorded revenue of N360.85 billion during the period, while finance costs declined significantly, supporting profitability despite softer operating performance.

Its board also recommended a dividend of N0.20 per share, amounting to N1.59 billion, compared with no dividend payout in the preceding financial year.