Oba Otudeko (Ayoola Obafoluke Otudeko) is an accomplished entrepreneur, investor, and philanthropist who has contributed immensely to Nigeria’s economy. He is an astute investor whose investment cuts across different sectors of the economy. Oba Otedeko is chairman of Honeywell Group, a diversified industrial, trading, and investment conglomerate. He is highly educated and is a Chartered Accountant, Chartered Corporate Secretary, and Chartered Banker. Talk about being all-rounded.
Oba Otudeko Background
Oba Otudeko was born on the 18th of August, 1943 in Ibadan, Oyo State to the royal family of late Adewunmi Olufuyi Otudeko and Juliana Foworera Otudeko. He is a native of Odogbolu in Ogun State.
He attended St, John’s School, Oke Agbo, Ijebu-Igbo, Ogun State and Olivet Baptist High School, Oyo. Oba Otudeko studied Accountancy in Leeds College of Commerce, Yorkshire, UK.
The business mogul is an alumnus of International Institute for Management Development, Switzerland, Harvard Business School, Boston, USA and Arthur D. Little School of Management, USA.
He is married to Adebisi Aderonke Otudeko, a princess from a ruling house in Ijebu-Ode, Ogun State. They are blessed with three children; Moyo Otudeko, Folake Otudeko and Obafemi Ademola Otudeko.
Oba Otudeko Net Worth
His net worth in 2014 was $550 million according to Forbes.
Entrepreneurial Journey of Oba Otudeko
Oba Otudeko started his profession as a clerk in the defunct Co-operative Bank, Ibadan. With perseverance and hard work, he rose to the post of General Manager and acting Chief Executive Officer before he resigned in 1983.
It wasn’t surprising that Oba ventured into business after his resignation as his mother was an industrious entrepreneur. Honeywell Enterprises; a trading enterprise importing and marketing commodities between the northern and southern states of Nigeria started in 1972. The company later grew into Honeywell Group one of Nigeria’s leading indigenous conglomerate.
Under the leadership and foresight of Oba Otudeko, Honeywell Group evolved into a diversified conglomerate with many subsidiaries in different sectors of the economy.
Subsidiaries of Honeywell Group
Honeywell Flour Mills Plc
One of the largest food processor in Nigeria producing flour-based consumer products. It commenced operations in 1998 and is listed in Nigerian Stock Exchange. The company produces baking flour, ball foods, noodles and pasta.
HOGL Energy Ltd
A leading indigenous oil and gas marketing company in Nigeria, incorporated in 1995. The company is involved in procurement, importation and distribution of fuels and gases. Also, the company produces and markets lubricants to industries and domestic users.
Pivot Energy Company Ltd (PECL)
Provides engineering, procurement, and construction services to the power industry. PECL has worked with the federal government on landmark projects such as OAY (Owerri- Ahoada-Yenagoa) project for transmission company, PHCN in Nigeria.
Uraga Real Estate Ltd
Involved with the funding and development and management of properties and facilities.
Anchorage Leisures Ltd
Develops and makes investment in Nigeria’s tourism and hospitality. The company owns and operates 5 star Radisson Blu Anchorage Hotel in Victoria Island.
Pavilion Technology Ltd
Provides security services to individual and clients in public and private sector. Some of their services are electronic security system, manned guards, escort services, security consultancy.
Huston Power Ltd
Licensed by the Nigerian Electricity Regulatory Commission (NERC) to generate and distribute power in Nigeria. In 2013, the company signed an agreement with GE for 150 megawatts power facility in Ogun State.
Oba Otudeko established a non- governmental organisation called Oba Otudeko Foundation (OOF) in 2003 to give back to the society. The foundation’s aim is to bring sustainable development in Nigeria and other African countries and they do this through people empowerment, capacity and institutions building.
The projects carried out by the foundation are:
- Building of an Auditorium to Pan Atlantic University,
- Administrative Block to All Saints’ College, Edun Village, Ibadan
- Students’ Cafeteria to Bells University of Technology, Ota, Ogun State
- Endownment of the Centre of Entrepreneurial Studies of the Olabisi Onabanjo University, Ago Iwoye, Ogun State
- Footprints Occupational Training Centre.
Appointments and Boards where Oba Otudeko Serves
Oba Otudeko chairs board of Trustee of Honeywell Flour Mill Plc and FBN Holdings Plc and is a member of the board Lagos Sheraton Hotel.
He is a Fellow, Institute of Chartered and Corporate Accountants, UK, Chartered Institute of Bankers, UK, Institute of Chartered Secretaries and Administrators, UK. Oba is also a member of the Office of Distinguished Friends of London Business School and Institute of Chartered Accountant of Nigeria.
He has served on several boards including First Bank of Nigeria, NEPAD Business Group of Nigeria, Central Bank of Nigeria, Guinness Nigeria Plc, British American Tobacco Ltd, and Eco bank Transnational Incorporated, Delmar Overseas Ltd, and Khali & Dibbo Ltd.
The dynamic industrialist was the Chairman, Airtel Nigeria Ltd, Fan Milk of Nigeria Plc, Digital Africa Conference Exhibition in Abuja, Business Support Group, National Maritime Authority, Nigerian- South African Chamber of Commerce.
He was a council member, Manufacturers’ Association of Nigeria, Nigerian Banks Employers’ Association and West African Banks’ Association. Also, a member of Presidential Advisory Council on Nigeria Industrial Revolution Plan.
Oba was appointed as the 16th president and chairman of Nigerian Stock Exchange in September 2006. He was chancellor of Olabisi Onabanjo University and was honoured as a Commander of the Order of the Federal Republic in 2011 after being awarded Officer of the Order of the Federal Republic (OFR) in November 2002 and Member of the Order of the Federal Republic (MFR) in December 2000.
Oba Otudeko’s Principle
He believes in market-driven but sustainable national development. He believes that good corporate governance practices and a good business environment allows new business opportunities which lead to greater shareholder value.
Recognitions and Awards
- Officer of the Order of Federal Republic of Nigeria 2002
- Entrepreneur of the Year at Thisday Awards 2009
- Commander of the Order of Federal Republic of Nigeria 2011
- Forbes’ 5 Richest Nigerian Stockholders 2011
- Forbes’ 50 Richest Africans 2014
- Businessperson of the Year by Board of Leadership Newspapers 2015
- Africa CEO of the Year at Africa CEO Forum 2016
- Vanguard Lifetime Achievement Awards 2017
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Photo Credit: Nigerian Tribune