Oba Otudeko, a Nigerian businessman, has gained new attention after the Nigerian Stock Exchange revealed on Saturday that an investment firm under his control had amassed a 13.3% stake in FBN Holdings, making it the largest shareholder of the massive financial institution.
Otudeko, 79, is one of Nigeria’s wealthiest men. In 2014, Forbes Magazine put his net worth at $ 550-million. Otudeko is the founder and chairman of Honeywell Group, a conglomerate with tentacles in various industries. The group’s most popular – and most profitable company was Honey Flour Mills – a manufacturer of flour-based products, including baking flour, ball foods, noodles, and pasta. But last year, Flour Mills of Nigeria Plc, a Nigerian agro-allied group led by Greek investor John Coumantaros, acquired a controlling interest in Honeywell Flour Mills. Otudeko personally pocketed $53 million from the transaction.
Billionaires.Africa looks at seven treasured firms that Oba Otudeko still owns in his portfolio today after selling the Honeywell Group’s crown jewel.
- Broadview Engineering Limited: An engineering firm that offers project management, engineering, procurement, construction, and maintenance services to oil and gas companies operating in Nigeria. The company specializes in pipeline projects, including laying, testing, pre-commissioning, civil, mechanical, electrical, instrumentation, cathodic protection, fiber optic cable systems, and horizontal directional drilling (HDD) works for river crossings.
- HOGL Energy Limited: HOGL is a downstream oil and gas operating company. The company focuses on marketing and distributing white fuels such as diesel, kerosene, petrol, and lubricants to industrial and commercial customers. The company operates tank farms with a combined capacity of 48,000MT in Apapa, Lagos, and Calabar, Cross Rivers State, serving as fuel storage facilities. It also owns an 8,800,000-liter capacity lubricant blending plant in Ilupeju, Lagos.
- Rosetti Pivot Nigeria Limited: A provider of engineering, procurement, and construction services to the oil and gas sectors in Nigeria and Sub-Saharan Africa. The company designs, fabricates, manufactures, and supplies platforms and systems for the oil and gas industry. Rosetti Pivot Nigeria Limited is a joint venture between Rosetti Marino S.p.A and Pivot GIS Limited.
- Anchorage Leisures: A hospitality company specializing in luxury hotel development. Its flagship development is the Radisson Blu Anchorage Hotel, Lagos, a 170-room, five-star hotel in the heart of Victoria Island. The property operates in partnership with Radisson Hotel Group, one of the world’s largest hotel groups.
- Uraga Real Estate: A real estate development company focusing on developing residential and commercial properties for sale and lease. Uraga Real Estate developed and owns the Upbeat Recreation Centre in Lagos, which includes West Africa’s first trampoline park. The facility also features an indoor trampoline park, an outdoor basketball court, a five-a-side football pitch, and retail spaces available for lease.
- Shoreline Logistics Nigeria: A port facility operator and logistics base services provider offering coastal services and logistics solutions tailored to clients’ diverse needs. Shoreline Logistics Nigeria has operational bases in Calabar, including NPA Old Port, Calabar, and Mclver Jetty, which serve as bases for clients’ Tropical West Africa (TWA) operations.
- Pavilion Technology: A provider of end-to-end vertical technology and security infrastructure solutions, as well as smart data platforms for businesses. The company utilizes various technological tools, including artificial intelligence and machine learning, to optimize solutions for digital workplaces and cloud environments. Pavilion Technology also designs and builds technology infrastructure with state-of-the-art cyber and electronic security systems, facilitating the implementation of Internet of Things (IoT) initiatives.