Oba Otudeko biography: Early Life, Career, Awards, Wives, Children & Net Worth
Oba Otudeko CFR (born August 18, 1943) is a Nigerian businessman who founded and chairs the Honeywell Group. He was the previous chairman of FBN Holdings and the creator of the Oba Otudeko Foundation. Otudeko has held numerous high-profile posts, including Chairman of FBN Holdings Plc and President of the Nigerian Stock Exchange from 2006 to 2009. His enormous contributions to Nigeria’s economic progress have garnered him major national awards, including the Commander of the Order of the Federal Republic (CFR) in 2011.
Oba Otudeko Biography
Ayoola Oba Otudeko was born on August 18, 1943, in Ibadan, Oyo State, South-West Nigeria, to a royal family, making him a Yoruba Omoba. His mum was an entrepreneur. He attended St. John’s School in Oke-Agbo, Ijebu-Igbo, Ogun State, before attending Olivet Baptist High School in Oyo.
He later studied accounting at Leeds College of Commerce in Leeds, Yorkshire, United Kingdom (now part of Leeds Beckett University). Oba Otudeko holds the professional designations of Chartered Banker, Chartered Accountant, and Chartered Corporate Secretary.
Oba Otudeko has also completed senior management training programs at the International Institute for Management Development (IMD), Harvard Business School, and Hult International Business School (formerly Arthur D. Little School of Management).
Career
He earned his Fellowship of the Chartered Institute of Bankers and was promoted to manager before the age of 21.
The bank funded his studies at Leeds College of Commerce in the United Kingdom. Upon his return, he advanced to Senior Accountant, then General Manager and interim CEO before retiring in 1983.
Following his retirement, the Federal Government of Nigeria named him as a Director to the Board of the Central Bank of Nigeria from 1990 to 1997. In the 1970s, Oba Otudeko established Honeywell Enterprises.
The corporation began as a trade company, importing and exporting essential goods, including dairy products, stockfish, glass, and steel rods, into the country. The trade operation evolved into Honeywell Group, a diverse investment holding company with holdings in food production, oil, gas, and energy services, telecommunications, financial services, hospitality, and real estate.
Under Otudeko’s leadership, Honeywell Group had significant growth in important economic sectors. One such expansion was Honeywell Group’s foray into the telecoms industry in 2001.
Otudeko led the group that secured one of Nigeria’s first GSM licenses (Econet). Otudeko also made the country’s first mobile phone call, ushering in a new era of communication.
With his involvement in Econet Wireless (now Airtel Nigeria), which fuelled the rapid expansion and innovation of mobile services across the country, Econet Nigeria’s subscriber base rose from 15 million to 22 million, and the telecommunications firm held Nigeria’s second biggest market share.
In 2013, Honeywell Group sold its stake in Airtel Nigeria to Bharti Airtel. Beyond his own commercial activities, Otudeko is an investor at heart, and his influence has spread to the boardrooms of some of Nigeria’s largest and most notable corporations.
He has been on the boards of various notable companies, including Fan Milk Nigeria, Airtel Nigeria, and First Bank of Nigeria. He served as the 16th President of the Nigerian Stock Exchange’s Council from 2006 to 2009.
As Chairman of First Bank of Nigeria, Otudeko oversaw the bank’s development into one of Africa’s premier financial organisations. Under Otudeko’s leadership, First Bank transformed from a strictly commercial bank to a financial holding company with operations in insurance, asset management, and investment banking.
The holding company structure offered a foundation for expansion into various financial services, enabling the bank’s capacity to respond to changing market conditions. He has also served as a director for private enterprises in real estate, international commerce and finance, and brewing, such as Guinness Nigeria and Ecobank Transnational Inc.
Beyond the corporate world, Otudeko has been actively involved in a number of national economic and policy development activities. He was a member of the Constituent Assembly from 1988 to 1989, where he helped create the Nigerian constitution.
Awards and Recognition
Some of his awards include:
- Honorary Doctor of Science (D.Sc.) from Olabisi Onabanjo University, Ago-Iwoye.
- Honorary Doctor of Science in Banking and Finance from Crescent University, Abeokuta, Ogun State.
- Honorary Doctor of Science Degree (D.Sc.) from Ajayi Crowther University, Oyo Town, Oyo State.
- Entrepreneur of the Year Award at the ThisDay Awards in 2009.
- Ernst & Young Lifetime Achievement Award.
- Leadership Newspaper Business Person of the Year 2015.
- Silverbird Extraordinary Lifetime Achievement Award and recently, the 2016 Africa CEO Forum’s Africa CEO of the Year Award.
Oba Otudeko Wife
Otudeko is said to have married Olori Mobolaji Afonja Otudeko, also known as Adebisi Aderonke Otudeko. She is a member of a renowned family with ties to the Alake of Egbaland, a powerful Yoruba traditional monarch.
This marriage reflects his royal Yoruba heritage, and Mobolaji is frequently mentioned as his primary wife.
Oba Otudeko Children
The couple has children, although the actual number and names are not fully disclosed in official records. Oluwatoyin Otudeko (also known as Toyin) is periodically cited in relation to the family’s economic interests, implying she may be involved in the Honeywell Group or other endeavours.
Another child, Folake Otudeko, has been related to the family, but information about their life and involvement in their father’s empire is limited. His other children are Moyo Otudeko and Obafemi Adedamola Otudeko.
Oba Otudeko Net Worth
Oba Otudeko, a Nigerian business entrepreneur and the creator of the Honeywell Group, has an estimated net worth that reflects his success in a variety of businesses, including manufacturing, telecommunications, and real estate. In 2014, Forbes rated his fortune at $550 million, placing him among Africa’s wealthiest people.
His wealth is mostly derived from the Honeywell Group, a conglomerate he founded in 1972 that has expanded to include significant shares in firms like Honeywell Flour Mills as well as assets in buildings such as the Radisson Blu in Lagos.
Furthermore, his clever acquisition of a 13.3% interest in FBN Holdings in 2023, worth roughly $115.8 million (N87.8 billion), strengthened his financial position by putting him as the largest stakeholder in one of Nigeria’s leading financial institutions.
While more recent estimates are less certain, Oba Otudeko’s net worth is thought to exceed $1 billion, thanks to his large business portfolio and decades of wise investing.
