Meet Oba Otudeko; investor, philanthropist and CEO Honeywell Group

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 a Chartered Banker. Talk about being all rounded.

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.

His net worth in 2014 was $550 million according to Forbes.

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 includes;

Honeywell Flour Mills Plc: One of the largest food processor in Nigeria producing flour-based consumer products.

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.

Pivot Energy Company Ltd (PECL): Provides engineering, procurement and construction services to the power industry. PECL has worked with 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 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.

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.