Oba Otudeko

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Oba Otudeko (CFR) born 18 August, is a Nigerian entrepreneur. He is the founder and chairman of Honeywell Group, and is also the chairman of FBN Holdings Plc. The conglomerate’s operations stretch across oil and gas, flour milling, real estate and marine transportation. Another piece of his fortune is in the oceanfront Radisson Blu in Lagos, Nigeria.  He is also the founder of Oba Otudeko Foundation.  He was awarded the Nigerian National Honour of Commander of the Order of the Federal Republic (CFR) in 2011.  This was 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.  Forbes magazine estimated his wealth at US$550 million as of June 2017, placing him on the 50-list of richest Africans.

Ayoola Oba Otudeko was born in Ibadan, Oyo State, South-West Nigeria on 18 August 1943 to a royal family.  He received education from notable tertiary institutions.  Oba Otudeko studied Accountancy at the Leeds College of Commerce Leeds, Yorkshire, United Kingdom (which is now part of the Leeds Beckett University).  Professionally, Oba Otudeko is a Chartered Banker, Chartered Accountant and a Chartered Corporate Secretary.Oba Otudeko has also attended executive management training programmes at International Institute for Management Development (IMD), Lausanne, Switzerland; Harvard Business School, Boston, U.S.A; and then Arthur D. Little School of Management, U.S.A.

Oba Otudeko first started out working in banks, he worked in banks for 23 years and slowly but steadily climbed up the ranks. He eventually became the General Manager and acting Chief Executive Officer of the erstwhile Cooperative Bank, Ibadan and he retired in 1983. Due to his lon- term service in the banking sector, the Federal government of Nigeria soon appointed him a Director to the Board of the Central Bank of Nigeria.

He went on to build his own business and he Founded Honeywell Group and also serves as the Chairman.  The company originally began as a trading establishment that majored in importing and marketing commodities between the Northern and Southern region of Nigeria and even expanded into the West African sub-region, especially Ghana. The group has grown to become a conglomerate with tentacles in many diverse sectors like- foods and agro-allied, real estate, infrastructure, energy and investment.


Oba Otudeko’s prominence in business and leadership made him a favourite for several appointments and recognitions.

He was elected the 16th President of the Nigerian Stock Exchange in September 2006 and tried to transform the Nigerian capital market.  In addition to the Honeywell Group, Oba Otudeko is also Chairman of FBN Holdings Plc and has, at various points, been Chairman Airtel Nigeria Limited and Fan Milk of Nigeria Plc. He was on the Board of First Bank of Nigeria Plc for 12 years, retiring as the Chairman in 2010.  He has also held directorship positions in private companies operating in real estate, international trade and finance, and brewing, including Guinness Nigeria and Ecobank Transnational Inc.Oba Otudeko was Chairman of the Nigerian-South African Chamber of Commerce (NSACC) and aimed to facilitate investment flows into Nigeria.  During his tenure as the NSACC Chairman, the volume of Nigeria-South Africa bilateral trade grew significantly from $16.5 million in 1999 to $2.9 billion in 2010.  He was also on the Board of the NEPAD Business Group – Nigeria.

He was Chairman of the Business Support Group (BSG) for delivery of the National Integrated Infrastructure Master Plan (NIIMP).  In 2013, he was also appointed the chairman of the Digital Africa Conference Exhibition in Abuja, Nigeria.

From 2001 to 2010, he was Chancellor of the Olabisi Onabanjo University, Ago-Iwoye, Ogun State.

Oba Otudeko’s 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.