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Meet Oba Otudeko, the Man Who Overtook Femi Otedola to Become First Bank’s Majority Shareholder
Recently, the businessman who was at a time the chairman of FBN Holdings acquired 4.7 billion shares of the bank, becoming the majority shareholder with 14% stake.
This simple acquisition has stirred controversy from different quarters, including Ecobank Nigeria who accuse Otudeko of divesting his asset and claim that he was owing it.
Asides the controversy generated so far, it is only imperative for us to get to know this accomplished entrepreneur and investor who has founded many thriving and successful companies in over five decades.
Otudeko’s early life and education
Born on August 18, 1943, in Ibadan, Oyo State, Ayoola Oba Otudeko hails from a distinguished lineage as an Omoba of the Yoruba community. His mother excelled as a prominent entrepreneur.
His educational journey started at St. John’s School in Oke Agbo, Ijebu-Igbo in Ogun State. Subsequently, he pursued his studies at Olivet Baptist High School in Oyo State. Otudeko furthered his academic pursuits by enrolling in Accountancy at the Leeds College of Commerce in Leeds, Yorkshire, United Kingdom.
Building upon his educational foundation, Oba Otudeko attained professional qualifications as a Chartered Banker, Chartered Accountant, and Chartered Corporate Secretary. In addition to his educational background, Oba Otudeko has actively participated in executive management training programs offered by prestigious institutions. Notably, he enriched his knowledge and skills by attending programs at the International Institute for Management Development (IMD), Harvard Business School, and Hult International Business School (formerly known as Arthur D. Little School of Management).
Otudeko’s banking career Utilizing his acquired qualifications, Otudeko commenced his professional journey as a clerk at the Co-operative Bank in Ibadan, despite its nonoperational status. Displaying unwavering commitment and diligence, he remained dedicated to his role, gradually ascending the ranks within the organization. Through perseverance and hard work, Otudeko achieved promotions that propelled him to the esteemed positions of General Manager and acting Chief Executive Officer of the bank.
This noteworthy progression exemplifies his resilience and determination to reach the pinnacle of his career. Demonstrating remarkable loyalty, he dedicated 23 years of his professional life to the banking industry, delivering exceptional service in the corporate realm. Ultimately, in 1983, after leaving an indelible mark within the sector, Otudeko decided to resign from his role.
Going into business With a business-savvy mother, Otudeko harbored a deep-rooted inclination towards the entrepreneurial realm.
When he retired from the banking sector, he found himself with the opportunity to fully immerse himself in this passion.
This marked the inception of Honeywell Enterprises, initially established as a trading venture focused on importing and marketing commodities across the northern and southern regions of Nigeria during the 1970s. Over time, the enterprise flourished and evolved into Honeywell Group, a prominent indigenous conglomerate at the forefront of Nigeria’s business landscape.
Otudeko’s Honeywell Group and its many subsidiaries
Starting as a flour mill, the Honeywell Group has undergone a transformative journey, growing into a diversified conglomerate with numerous subsidiaries operating across various sectors of the economy. Prized companies Otudeko still keeps in his portfolio today are Broadview Engineering Limited, HOGL Energy Limited and Rosetti Pivot Nigeria Limited. Others are Anchorage Leisures, Uraga Real Estate, Shoreline Logistics Nigeria and Pavilion Technology.
Otudeko’s humanitarian works and philanthropy
In 2003, Oba Otudeko took the initiative to establish the Oba Otudeko Foundation (OOF), a non-governmental organization dedicated to giving back to society.
The foundation’s primary objective is to foster sustainable development in Nigeria and other African nations. It achieves this by focusing on empowering individuals, building their capacities, and strengthening institutions within these communities. The Oba Otudeko Foundation is committed to making a meaningful and lasting impact in pursuit of its mission.
Boards served on
From May 1997 to December 2010, Oba Otudeko served on the board of First Bank, and later, from 2011 to 2021, he continued his service as Chairman of FBN Holdings until his retirement. Additionally, he held significant leadership roles as Chairman of Honeywell Flour Mills Plc, FBN Bank (UK) Limited, Fan Milk of Nigeria Plc, Airtel Nigeria, and the Nigeria-South Africa Chamber of Commerce from 2000 to 2011. Throughout his distinguished career, Oba Otudeko’s expertise was sought after, as demonstrated by his board memberships in various esteemed organizations. Notably, he contributed to the Central Bank of Nigeria from 1990 to 1997, Guinness Nigeria Plc from 1999 to 2003, British American Tobacco Ltd from 2001 to 2004, and Ecobank Transnational Incorporated, headquartered in Lome, Togo, from 2002 to 2010.
Furthermore, from September 2006 to August 2009, he held the esteemed position of the 16th President and Chairman of the Council of the Nigerian Stock Exchange, further exemplifying his leadership and influence within the financial sector.
Awards and recognition
In recognition of his significant contributions to Nigeria’s economic and social development, as well as his unwavering dedication to noble causes and the betterment of the nation, Oba Otudeko’s National Honour has been elevated throughout the years. In November 2011, he was bestowed with the prestigious title of Commander of the Order of the Federal Republic (CFR), having previously received the Officer of the Order of the Federal Republic (OFR) in November 2002 and the Member of the Order of the Federal Republic (MFR) in December 2000. In 2001, he was awarded an honorary doctorate degree by Olabisi Onabanjo University, and in 2011, Crescent University bestowed this prestigious honor upon him.
Furthermore, he was honored as the Entrepreneur of the Year by ThisDay Newspapers in 2006 and recognized as the African Business Leader of the Year by Africa Investor Magazine in 2009. Otudeko’s family life Otudeko is happily married to Adebisi Aderonke Otudeko, who holds the title of princess within a ruling family in Ijebu-Ode, Ogun State. Together, they have been blessed with three children: Moyo Otudeko, Folake Otudeko, and Obafemi Ademola Otudeko, and their family continues to grow with the addition of many grandchildren. Otudeko’s devout faith lies in Christianity, and he finds great pleasure in immersing himself in the world of literature. An avid reader, he particularly enjoys delving into biographies, historical accounts, and books on leadership.
Credit to: Legit.ng
Resist new scramble for Africa, Tinubu tells AU forum
President Bola Tinubu on Sunday, in Kenya, said the forces that plundered Africa in the past and still seek to impede its progress today will not find easy inroads into the continent.
Tinubu said Africa was now strong and its leaders would no longer remain passive as they worked to harness their vast resources to better their respective countries.
“But here and now, let it be said to whomever the new scramblers might be, that our continent may be old, but our spirit is new. And it is strong. The bad that took place in the past must stay there. It shall never be repeated,” Tinubu told his counterparts at the Fifth Mid-Year Coordination Meeting of the African Union in Nairobi, the Kenyan capital.
The forum also featured deliberations amongst the various regional economic communities, the regional mechanisms and the African Union Member-States.
The President’s Special Adviser on Special Duties, Communications and Strategy, Dele Alake, revealed this in a statement he signed on Sunday titled: ‘In maiden speech at AU, President Tinubu affirms Africa’s unity and strength, rejects notion of a new scramble for continent.’
In his address titled: ‘Address on Status of Regional Integration in ECOWAS,’ Tinubu emphasised the need for Africa to overcome its challenges and work towards a prosperous future, focusing on inclusive growth, good governance and leveraging the opportunities provided by the African Continental Free Trade Area.
However, the President vehemently rejected the notion of a new scramble for Africa, noting that “some observers assert a new scramble for Africa is afoot and it is much like the old scramble that plundered our continent.”
The Nigerian leader called for good governance to ensure a prosperous future for Africa, free from the exploitations of the past.
“As Africans, we forge ahead, no matter the barriers thrust before us. The world we inhabit is often unkind and uncertain. History and current global difficulties argue against our future success.
“Lessons of the past few years teach us that the world economy can be disrupted in ways that halt progress and invite downturn. Our nations can suddenly find themselves in dire situations if we choose to be passive observers of our fate.
“Such passivity does not commend itself to me. I will not listen to it. Neither should any African. The challenges we face mean that governance will be difficult,” Tinubu said.
Harping on his message to uphold democracy in West Africa, the Nigerian leader, as ECOWAS Chairman, announced plans to strengthen the bloc’s Standby Force to deter coups and combat terrorism in the sub-region.
He argued that while leaders sat to discuss vital economic matters, it would be impossible to implement the outcomes of the discussions unless due consideration was given to the instability and conflict ravaging many African states.
Credit to: punchng.com
HAPPY NEW WEEK
Here’s to a week filled with laughter, productivity, and memorable moments. Embrace each day with open arms, and let the positive vibes guide you to new heights.
Happy New Week! Make it extraordinary! ✨
Gambia to face Ivory Coast in World Cup qualifier
The Gambia senior national team has been draw against Ivory Coast, Gabon, Kenya, Burundi and Seychelles in Group F for the 2026 World Cup qualifiers.
The balloting for the global biggest football showpiece qualifiers was held yesterday, Thursday, 13th July 2023.
Coach Tom Saintfiet and his charges who have recently been doing well in African football will be hoping to replicate such feet and secure their first-ever World Cup appearance.
The Gambia will strive to win their qualifier matches to fancy their dreams of qualifying for their first-ever World Cup.
The Scorpions were eliminated in the preliminary round of the 2022 World Cup qualifiers after slipping to Angola 3-1 on aggregate.
Credit to: thepoint.gm
Gov’t urged to give priority to diabetic patients
Sukai Kah, training facilitator for the Gambia Diabetes Association (GDS) has called on the government to give priority to diabetic patients to minimise their complications and suffering.
“The government should give diabetes a priority. Let them have sufficient medical apparatus and healthcare personnel to check and care for diabetic patients. The government should give enough supply of medical apparatus to our Diabetes Ward at the Edward Francis Small Teaching Hospital (EFSTH),” she said in an exclusive interview with The Point at Kayen Ultrasound Scanning Centre in Bakoteh.
She said health personnel should have enough medication and medical apparatus such as insulin and testing machines to check patients’ blood pressure and give them the needed information so that patients could manage their diabetes well. According to her, this would help prevent patients from diabetic amputation.
“If patients are going on their monthly routine for medical check-up at public hospitals, then they should be provided with the needed information to manage the disease,” Kah, also owner of Kayen Ultrasound Scanning Centre, said.
Kah maintained that there is a greater need for the government to empower medical personnel with the requisite skills and knowledge to ensure they attend to patients and give them the needed medical advice.
“Diabetes is not curable but it is manageable. Effective management of diabetes can delay development of complications like blindness, damage of kidney, and damage of nerves which can delay or prevent diabetic foot amputation,” she noted.
In Gambian society, there are several traditional healers who claim to have the knowledge to cure diabetes. Thus, several diabetes patients have been visiting such traditional healers in search of a cure.
In this regard, Mrs Kah said there is also a need for traditional healers to be empowered with knowledge as to how this chronic disease works. She noted that if someone is infected with diabetes, his or her organs such as the kidney will be involved in excessive filtering of blood and expel the toxic and urine from the body.
“Again, when a patient’s blood sugar is higher, his or her kidney and heart over work and if those organs over work it can damage them. Now considering how the traditional healers work, they do not measure dosages compared to modern hospitals who give patients dosages that are proportional to the patients’ weight and ages,” she pointed out.
She reiterated that traditional healers will provide medication to patients without scientific measurement. This, she added, causes herbal intoxication.
Thus, she advised all to report to nearest conventional healthcare facilities should they realise abnormalities in their system to have a medical check-up such as checking their sugar level and blood pressure.
Mrs Kah said the Gambia Diabetes Association has been going to Outpatient Department, training nurses on diabetic patients’ handling. She, therefore, advised all to work collectively to minimise the constraints of diabetic patients.
Credit to: Thepoint.gm
It’s Unconstitutional To Give Largest Share To Lagos – Kano State Faults President Tinubu Over Distribution Of N500billion Palliatives
The Kano State Governor, Abba Kabir has faulted the mode that the President Bola Tinubu-led federal government adopted for the distribution of N500billion palliatives for small scale industries.
The Nigerian government had announced that it would be using the Bank of Industry to support small-scale industries across geopolitical zones.
Speaking through his deputy, Aminu Abdussalam, the governor during a meeting with representatives from the Kano cooperative Society at the state government house said the distribution was heavily skewed in favour of Lagos State and the South-South zone to the disadvantage of other states and zones, Daily Trust reports.
He said the distribution mode would see Lagos receiving 47% of the allocation, followed by the South-South Zone with 17%, and other regions receiving significantly lower percentages.
“This is unfair, unconstitutional, and illegal,” the governor said.
He called on relevant authorities, including members of the National Assembly to rectify the situation and take appropriate action against those responsible.
According to the deputy governor’s press secretary, Ibrahim Shu’aibu, the governor pledged the commitment of his administration to assist Cooperative Societies in their efforts to combat poverty and regain their influence.
“Committees would be established to review the activities of Cooperative Desk Officers in each Local Government Area, while desk officers would be introduced in major markets such as Dawanau, Kantin Kwari, Yan Lemo to guide and support cooperative activities,” the governor was quoted to have said.
The President of the Kano Cooperative Society, Musa Aikawa, who spoke on behalf of the delegation, emphasised the significance of cooperatives in enhancing the lives of their members.
He disclosed that the state had over 2.8 million cooperative members, primarily consisting of young people.
Aikawa requested the intervention of the state government to develop strategies for reducing the high unemployment rate in the state.
The Permanent Secretary, Ministry of Commerce, Industry, and Solid Minerals, Mairo Danbatta, encouraged the youth to embrace cooperative business ventures to progress and reduce unemployment in Kano.
The meeting was attended by several dignitaries, including government officials and representatives from educational institutions related to cooperative activities in Kano.
Credit to: Saharareporters.com
First Bank Investors Lose N61bn in 2 Days Amid Otudeko, Ecobank Dispute
The ongoing legal dispute between Ecobank Nigeria Limited and former Chairman, FBN Holdings Plc, Oba Otudeko, appears to be taking a toll on the latter. Report indicates that the holding company in two days witnessed a 13.59% decline in its shares price
On Wednesday, July 12, 2023, shares of FBN Holdings declined by 10%, representing N63 billion in total investment by the shareholders of the company. The share price closed at N19.35.
Similarly, the total valuation of the company dipped to N710.72 billion from N771.74 billion reported the previous day as reported.
This is coming after reports of Oba Otudeko fighting back to take over FBN from Otedola as largest shareholder. Otudeko’s Honeywell Group, in a notification to the Securities and Exchange Commission of said the company had notified FBN and regulatory authorities concerning the acquisition of 4,770,269,843 shares of FBN by Barbican Capital Limited. Report by The Sun indicates that the development may have led to divided opinions among majority shareholders of FBN Holdings Plc who could be joining forces to fight off Otudeko from becoming the majority shareholder.
Meanwhile, FBN, in 2022 audited financial statement highlights about 35.8 billion shares outstanding. Out of this number, Femi Otedola has the highest shareholder of the bank with a direct and indirect holdings of 5.57 per cent with about 12.2 per cent of the shares traded and with bank’s last audited accounts listing billionaire investor.
In a related news, Legit.ng reported that Ecobank, in a written communication to FBN Holdings requested a temporary suspension of proceedings regarding Otudeko’s acquisition of 4.77 billion shares.
Kunle Ogunba and Associate, the legal counsel for the bank, expressed concern on the indebtedness of the the business and its affiliate entities. The letter signed by Oludare Amusan, the principal partner of the firm highlights that the total amount owed by the magnate through his affiliated entities was N13.5 billion. The chairman of Honeywell Group advised FBN to disregard Ecobank’s request to reject his acquisition of 4.77 billion shares. Wole Olanipekun, the legal representative for Otudeko and Honeywell Group, asserted that Ecobank’s letter mentioning a debt of N13.5 billion was not supported by the Supreme Court’s decision or any other existing court ruling in Nigeria or elsewhere.
According to Olanipekun, Dr. Oba Otudeko, CFR, and Honeywell Group PIc were not involved in the Supreme Court decision, and no order was issued against them.
credit to: Legit.ng
Why Tinubu declared state of emergency on food security — Uche Nwosu
By Fortune Eromosele, ABUJA
Former Chief of Staff to the Imo State Governor and President Ugwumba Leadership Center for Africa, Uche Nwosu, has said President Bola Ahmed Tinubu used the declaration of state of emergency on food security as a platform to cushion the impact of the fuel subsidy removal.
Nwosu in a statement, also lauded Tinubu for his decision, saying that it was the right call.
The statement read in part: “The recent declaration of a state of emergency on food security, pricing and sustainability by President Bola Ahmed Tinubu, is no doubt a welcome development.
“The President by this action has demonstrated his understanding, and appreciation of the impact of the removal of subsidy on Petrol Motor Spirit (PMS), on Nigerians, especially the economy of households.
“The current food inflation in the country has been a cause of concern to stakeholders, as hope have in most recent times heightened that the administration would quickly find immediate, long lasting, and innovative solutions to the hardship experienced by citizens as a result of this.
“But by prioritizing urgent intervention through the declaration of a state of emergency in this area, Mr President has left no one in doubt that he is a hands-on-leader who follows developments across the country everyday.
“He has further shown that he is not unmindful of the rising cost of food and how it affects the citizens.
“I therefore agree with the following thematic areas of focus contained in the President’s speech, which underscored that ‘As a direct and immediate response to this crisis, a number of initiatives will be deployed in the coming weeks to reverse this inflationary trend and guarantee future uninterrupted supplies of affordable foods to ordinary Nigerians. As with most emergencies, there are immediate, medium- and long-term interventions and solutions’.
Nwosu further commended the administration’s intention to deploy some savings from the fuel subsidy removal into the Agricultural sector focusing on revamping the agricultural sector, as well as to immediately release fertilizers and grains to farmers and households to mitigate the effects of the subsidy removal.
He said, “I join President Tinubu to urge for synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation of farmlands and to guarantee that food is produced all-year round.
“Nigeria must, as a matter of necessity, have a National Commodity Board that will review and continuously assess food prices as well as maintain a strategic food reserve that will be used as a price stabilization mechanism for critical grains and other food items.
“Through this board, the government will moderate spikes and dips in food prices.”
credit to: vanguardngr.com
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