Details: Key Gains For FBN Holdings With Otudeko’s Honeywell Group As Largest Shareholder

Honeywell Group Limited (HGL) with Obafemi Otudeko as Managing Director remains on the lips of investors with its latest feat.

Honeywell Group emerged the largest shareholder at FBN Holdings, the parent company of Nigeria’s oldest bank – First Bank – with the purchase of over 4,770,269,843 additional shares valued beyond ₦105 billion through affiliate company, Barbican Capital Limited.

The high-value share acquisition soared the stake of the Otudeko led Honeywell Group in FBN Holdings to 14.8%.

Beyond the widespread interest in the development and apparent gains of infusing all of over ₦105 billion into a process, SocietyNow.Ng’s checks have unearthed some of the major gains of the huge deal for FBN Holdings P tlc.

Information available revealed that Obafemi Otudeko, who provides strategic direction and oversight of Honeywell Group’s portfolio companies and investments, provided pointers in recent communication with egg heads at FBN Holdings.

“As Managing Director of HGL, I lead a diverse senior management team with over 150-years combined experience in various professional qualifications and specialties. This international and gender-balanced team comprises over 60 years of active investment banking experience with leading international firms including Dresdner Kleinwort Wasserstein, Standard Chartered, Standard Bank and Deutsche Bank, 50 years of Honeywell Group Limited professional accounting experience (including with PricewaterhouseCoopers and Baker Tilly), and 60 years of legal experience (including with Bentley Edu & Co, Aelex, and Banwo and Ighodalo). We bring this breadth and depth of experience to bear in our investment activities.” Otudeko disclosed a major inherent value of the transaction in a letter to the Chairman, FBN Holdings Plc – Alhaji Ahmad Abdullahi and believed to have Managing Director, Nnamdi Okonkwo in the loop.

Added information gleaned from the correspondence revealed other major values HGL is offering FBN Holdings.

SocietyNow.Ng learned the conglomerate founded by Obafoluke “Oba” Otudeko, the legendary investor, as a trading enterprise in 1972 is also bringing on board the dedicated long-term investor approach that has made HGL  an embedded part of the success stories of Airtel Nigeria, Fan Milk Nigeria Plc, and Honeywell Flour Mills Plc – one of Nigeria’s leading food producing companies.

“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” Otudeko further disclosed in the letter to Chairman Ahmad Abdullahi.

Honeywell Group seeks to explore “long-term relationship, as customers, investors, and board members” to bring these values and more at FBN Holdings as the new largest shareholder SocietyNow.Ng gathered.

Oba Otudeko, the Chairman of Honeywell Group  Limited is the former Chairman at FBN Holdings.

The Managing Director of HGL Obafemi Otudeko ,the holder of a BA (Hons) in Accountancy Studies from the University of Huddersfield, UK, qualified chartered accountant and a Fellow of the Institute of Chartered Accountants of Nigeria, is the son of the founder Oba Otudeko.

A graphic hint of the tremendous worth of the ties was provided in the part of the letter to the Chairman of FBN Holdings that reads “… 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.”

SocietyNow.Ng learned that efforts are ongoing to “integrate approaches and interests” for the benefits of all stakeholders in the landmark deal.