Nigerian business mogul, Oba Otudeko, recently made international waves for his acquisition of a new 13.3 percent stake in FBN Holdings, one of the largest commercial banks in Africa. Through Barbican Capital Limited – an affiliate of his investment company, Honeywell Group, the Nigerian multimillionaire purchased additional 4,777,269,84 shares of FBN Holdings PLC.
The new shares increased the investment company’s total stake in FBN Holdings to 14.8%, thereby making Otudeko the largest shareholder of the Bank. According to Nigeria’s This Day newspaper, the acquisition passed through a deal worth $115,850,165.70 (N87.8 billion).
The business mogul is the Founder and Chairman of Honeywell Group, a Nigerian investment holding company founded in 1972, with interests in different sectors of Africa’s economy – energy, real estate, infrastructure, and services. According to Forbes Magazine, his net worth was $550 million in 2014.
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In 2022, Honeywell Group completed a transaction to sell a 71.69% stake in one of its leading subsidiaries – Honeywell Flour Mills PLC to Flour Mills of Nigeria PLC; a deal that reportedly earned Otudeko $53 million, according to Billionaires Africa.
However, the multi-dollar millionaire, through the Honeywell Group, owns eight subsidiaries with over four decades of sustainable developmental impact across sectors of Africa’s economy.
Below are the eight industry-leading companies owned by Oba Otudeko:
Broadview Engineering
Broadview Engineering Limited is an engineering firm focused on optimizing local content to create value and jobs in the oil and gas sector in Nigeria and across West Africa. The company specializes in Engineering, Procurement, and Project Management with competent, proactive, and highly resourceful management and engineering staff who have extensive experience working on projects across Nigeria.
HOGL Energy
HOGL Energy Limited (formerly Honeywell Oil and Gas Limited) is the downstream oil and gas operating subsidiary of the Honeywell Group, which is focused on the marketing and distribution of white fuels, including AGO (diesel), DPK (kerosene) and PMS (petrol), as well as lubricants to industrial and commercial customers.
Pivot GIS
Pivot GIS Limited (PGIS) provides Engineering, Procurement, Construction (EPC), Operations, and Maintenance (O & M) services to the Nigerian Energy Sector. The company offers a broad range of services including fabrication and construction, installation of structures, decks, and modules; offshore/onshore plant construction, and maintenance operations – such as upgrades, revamps, and modifications; production equipment skid packages; and supply of onshore/offshore construction and maintenance crews.
Rosetti Pivot
Rosetti Pivot Limited offers world-class services through local design, fabrication, manufacturing, and supply of platforms and systems for the oil & gas industry. It also designs and constructs ships to service offshore platforms.
Anchorage Leisures
Anchorage Leisures Limited is a leading indigenous hospitality company in Nigeria, established to promote hospitality, tourism, and culture through active participation and strategic partnerships with global leaders in the hospitality industry.
The company’s flagship development is the luxurious Radisson Blu Anchorage Hotel in Lagos – a 170-room, 5-star hotel in the heart of Victoria Island. The property is operated in partnership with the Radisson Hotel Group, one of the world’s largest and most dynamic hotel groups.
Uraga Real Estate
Uraga Real Estate (UREL) is a real estate development company with expertise in transforming spaces and enriching the lifestyle and well-being of communities through its expertise in land acquisition, design, planning, and execution to provide unique lifestyle offerings to a range of clients, across residential, hospitality and commercial sectors.
Shoreline Logistics Nigeria
Shoreline Logistics Nigeria Limited (SLNL) is a port facility operator and logistics base services provider, which offers coastal services and logistics solutions designed to meet the diverse needs of clients.
Pavilion Technology
Pavilion Technology provides end-to-end vertical technology and security infrastructure solutions and smart data platforms for businesses. The company uses a wide range of technological tools, including artificial intelligence and machine learning to optimize solutions for digital workplaces and cloud environments.
