Meet Face Behind The “Biggest Single Transaction” So Far In 2023

The emergence of Honeywell Group limited has the largest shareholder by volume in FBN Holdings is the biggest single transaction so far in 2023.

With the shares said to worth over one hundred and five billion Naira (N105billion), Honeywell Group Limited (informally known as Honeywell Group or HGL) initially acquired 14.8 % stake in FBN Holdings before increasing it to 15.1% with all of 4,770,269,843 shares in the bag within a week.

The development which has soared the value of FBN Holding on the Nigerian Exchange and related financial markets remains talking point even on the streets.

FBN Holdings is the parent company of Nigeria’s oldest bank – First Bank

But who is the brain behind the successful execution of such a high-stake-deal in a keenly competitive market, particularly involving a brand where big names, able to muster massive funds at will, are struggling for control?

SocietyNow.Ng’ checks point at Obafemi Otudeko, the Managing Director at Honeywell Group,the conglomerate with diversified interests in food and agriculture, telecommunication and infrastructure, real estate and financial services.

Otudeko owns Barbican Capital Limited, the investment company that staged the “corporate coup” along with Foluke Oyeleye.

Information at hand revealed that Otudeko who championed the historic shares acquisition through “negotiated deals” is a seasoned investment professional with finger prints on major deals including “HGL’s partnership with Bharti Airtel on Airtel Nigeria and subsequent multi-million-dollar divestment from the company; to chairing the IPO committee responsible for the successful capital market listing and capital raising for Honeywell Flour Mills.”

SocietyNow.Ng finding further revealed that the Managing Director who has written to FBN Holdings chairman, Alhaji Ahmad Abdullahi on the landmark deal highlighting major gains it will bring to bear for the Holdco, in what sources labeled a part of his trademark clinical approach to doing things led “the completion, capital raising, and opening of the renowned five-star Radisson Blu Anchorage Hotel in Victoria Island, Lagos (the first Radisson Blu hotel in West Africa) and more recently, the biggest capital market transaction of 2022 – the sale of Honeywell Flour Mills to Flour Mills of Nigeria.”

Part of the highlighted gains in Otudeko’ correspondence with the FBN Chairman -believed to capture Managing Director, Nnamdi Okonkwo – is the breadth and depth of experience the international gender balance team with over 150-years combined experience in various professional qualifications and specialties he heads will bring to bear on the Holding company.

“Our approach involves working closely with stakeholders with a shared vision to foster the creation and enhancement of value for all. We understand that this requires time and patience. Our intention is to follow this approach in respect of our investment in FBN Holdings” the father of two, keen horse rider and polo player, as well as an avid literature and football fan disclosed another added value to the apparent gains of the huge investment.

Further digs by SocietyNow.Ng revealed that, it is to Otudeko’s credit that he shaped Honeywell Group into an investment holding company and continues to provide strategic direction and oversight to the Group’s portfolio companies and investments.

More background checks by SocietyNow.Ng revealed that with over 25 years experience under his belt, the HGL Managing Director served on the board of Airtel Nigeria, First Bank of Nigeria Ltd, and Honeywell Flour Mills Plc and was the second Vice President of the Nigerian Gas Association between 2011 and 2015 in a career that started at PricewaterhouseCoopers.

A board member at Anchorage Leisures Ltd and also part of the Commonwealth Enterprise and Investment Council – the qualified chartered accountant and Fellow of the Institute of Chartered Accountants of Nigeria (FCA) is the son of boardroom wizard, Obafoluke “Oba” Otudeko.

The senior Otudeko is former Chairman of FBN Holdings.

The younger Otudeko, a former board member points out how much FBN Holding has to gain these ties with HGL as largest shareholder in the letter to chairman, Ahmad Abdullahi.

“… our intention is to work with all stakeholders to create value for all shareholders. We enjoy longstanding personal relationships with the company’s other key shareholders, and we look forward to leveraging these relationships as we collectively work towards enhancing the value of FBN Holdings Plc.” he explained.