Oba Otudeko CFR is a Nigerian businessman who serves as the founder and chairman of the Honeywell Group. He was a former chairman of FBN Holdings and founder of the Oba Otudeko Foundation.
Age
Ayoola Oba Otudeko was born in Ibadan, Oyo State, South-West Nigeria on 18 August 1943 to a royal family, thus making him an Omoba of the Yoruba people. He is 81 years old. His mother was a business woman. He studied at St. John’s School, Oke-Agbo, in Ijebu-Igbo, Ogun State before proceeding to Olivet Baptist High School, Oyo. Later, he 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), Harvard Business School and Hult International Business School (then known as Arthur D. Little School of Management).
Career
Oba Otudeko began his career at Cooperative Bank in Ibadan at the age of 17 as an accounts clerk. He completed his Fellowship of the Chartered Institute of Bankers and was promoted to manager by age 21.
The bank supported his studies at Leeds College of Commerce in the UK. Upon his return, he rose to Senior Accountant, eventually becoming General Manager and acting CEO before retiring in 1983.
Following his retirement, the Federal government of Nigeria appointed him a Director to the Board of the Central Bank of Nigeria from 1990 to 1997.
HoneyWell
In the 1970s, Oba Otudeko founded Honeywell Enterprises. The company began as a trading company, importing and exporting essential goods, such as dairy products, stock fish, glass, and steel rods into the country.
The trading enterprise company later grew into Honeywell Group, a dynamic investment holding company with diversified interests spanning food manufacturing, oil, gas and energy services, telecommunications, financial services, hospitality, and real estate
Controversy
Honeywell Chairman Oba Otudeko has reportedly left Nigeria, according to TheCable, following the impending legal proceedings by the Economic and Financial Crimes Commission (EFCC) on a 13-count charge of alleged fraud.
Reports indicate that Otudeko, the former chairman of First Bank of Nigeria (FBN), exited the country via a land border, being dropped off at the Nigeria-Benin border on Thursday evening by a family member.
Earlier the same day, the EFCC filed charges against Otudeko and three other individuals at the federal high court in Lagos, accusing them of obtaining a N30 billion loan under false pretenses.
The other defendants include Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company associated with Otudeko.
Allegations
The EFCC alleges that Otudeko and the other defendants secured multiple tranches of loans—amounting to N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank between 2013 and 2014, under the guise of obtaining funds for various firms.
In response to the allegations, Otudeko, through Olasumbo Abolaji, the general counsel of Honeywell Group, refuted the claims, stating he had not received any official invitation regarding the matter.
Dr. Otudeko stated he has never served in an executive capacity within FBN Holdings or its banking subsidiary, First Bank of Nigeria Limited, and thus had no operational responsibility in the organization.
“In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement reads.
Personal life
He is married to Mrs Adebisi Aderonke Otudeko.
Net Worth
According to Forbes, Oba Otudeko’s net worth is estimated at $550M