At 75 Oba Otudeko Still Active in World of Business
In this tribute, Obinna Chima chronicles the accomplishment of Oba Otudeko, a consummate boardroom guru, businessman, industrialist and philanthropist, who turned 75 recently
Penultimate Saturday, Dr. Oba Ayoola Otudeko turned 75. Not one to celebrate ostentatiously, he, however, could not prevent the numerous accolades and congratulatory messages that accompanied the milestone achievement. And, in a unique way, which confirmed his stature as a national icon and frontline leader of the organised private sector, President Muhammadu Buhari, GCFR led with the felicitations that came Otudeko’s way. Congratulating Otudeko, Buhari saluted his “vision, wisdom and dexterity in setting up businesses that cut across the oil and gas industry, flour mills, hospitality and transportation.”
By all means, Otudeko is a foremost Nigerian entrepreneur and visionary reputed for his highly successful domestic and foreign investments that cut across diverse sectors of the economy.
Background and Education
Born in Ibadan, Oba is a scion of the Otudeko and Omo Oba Adejonwo noble families of the Ijebu stock of South-west Nigeria. He owes his start and success in life to God and to his late and beloved parents, Pa Emmanuel Onakoya Otudeko and Madam Susainah Adefowore Otudeko.
He began his primary school education in 1949 at St. James’ Primary School, Oke-Bola, Ibadan and completed it at St. John’s School, Oke-Agbo, Ijebu-Igbo, Ogun State in 1955. From 1956 to 1960, Oba was at the Olivet Baptist High School, Oyo Town, Oyo State for his secondary school education.
Oba was indeed a regal and highly-gifted youngster who showed early signs of a bright and outstanding future. By 25, he had qualified with honours, winning several prizes, as a Chartered Accountant from the Institute of Chartered & Corporate Accountants, UK. By virtue of the exceptional scholarship that has defined his career, not only did he win the Mayor of Leeds Prize for best final accountancy student and Third Prize A.C.C.A final year accountancy student, both in 1967, but was acclaimed the best London final year student in his Chartered Institute of Secretaries course in 1968.
Ultimately, Oba qualified as a Chartered Banker, Chartered Accountant and a Chartered Corporate Secretary. He holds fellowships of all three professional institutes.
In 1972, he married his better half, Mrs. Adebisi Aderonke Otudeko (nee Oduntan), a princess from the Tunwase ruling house of the Awujale Royal Stool, IjebuOde, Ogun State. They are blessed with several brilliant and accomplished children, who have begun to make their marks in their various professional and business fields.
Early Career
Oba was in bank employment for 23 years, rising to become the General Manager and acting Chief Executive Officer of then Cooperative Bank, Ibadan from where he retired in 1983. His meritorious years as a distinguished banker would later earn him a directorship position on the Board of the Central Bank of Nigeria from 1990 to 1997.
From Trading to a Leading Nigerian Conglomerate - Honeywell Group
He probably took his business sense from his parents who were extremely enterprising parents. The evolution of his flagship company, Honeywell Enterprises, later Honeywell Group, could be traced to the transformation and refocusing of his mother’s extensive trading network in commodities.
Honeywell initially began operations over 4 decades ago as a trading concern, importing and marketing commodities such as: baking yeast, stock fish, glass and steel rods, among others. Today, the Honeywell Group has evolved into a diversified conglomerate with businesses across major sectors of the Nigerian economy that contribute significantly to the country’s Gross Domestic Product (GDP). These sectors are: Foods &Agro-allied; Real Estate, Energy and Services.
It is fair to say that few Nigerians, now or in the past, have exhibited the same level of untrammelled vision, passion and conviction premised on the ability of Nigerians to excel and compete against the best in the world. Oba’s bold vision, intellectual depth, uncommon clarity of purpose, entrepreneurial drive and undoubted patriotism are indeed the cornerstones of his disciplined approach to life and business.
Oba’s visionary leadership nurtured the Honeywell Group’s rapid growth into a composite and esteemed indigenous brand that now traverses the entire country. Today, Honeywell Group’s articulated vision is “to become the most admired company in Africa in terms of its successes, practices and people.”
The Group’s activities in key sectors of the Nigerian economy continue to contribute to solving economic challenges in the country. In the Foods & Agro-allied sector, the Honeywell Group states its commitment to provide nutritious and affordable food products to as many Nigerians as possible. Through Honeywell Flour Mills
Plc (HFMP), one of the largest food processors in Nigeria, the company produces over 400,000 MT of affordable food products annually, from two locations in Lagos. A third location in Sagamu, Ogun State, is nearing completion.
In HFMP’s 24 years of existence, it has fulfilled the
nourishment needs of millions of Nigerians through manufacturing of branded consumer food products. Commencing operations with a 200MT/ day mill in 1998, and producing one product (Baking Flour), the company’s flour milling capacity has increased by over 1,205% to 2,610MT, while also adding other manufacturing capabilities in Ball Foods, Noodles and Pasta. As a listed entity on the Nigerian Stock Exchange since 1998, it has long set the highest standards of corporate governance, integrity and compliance.
HFMP is also committed to the long term development of Agriculture and cultivation of local crops in Nigeria and consequently the attainment of food security in Nigeria. The company states an ambition to significantly cut back on the importation of raw materials through substitution of imported raw materials with locally available inputs.
The platform for HFMP’s backward integration agenda is the Honeywell Foods and Agro-allied complex that is currently under construction in Sagamu, Ogun State with the Phase I of the project ready to be commissioned before the end of the year. When completed, the complex will consist of up to 15 integrated factories anchored on innovation, backward integration and local sourcing of raw materials.
Honeywell Group is also a significant player in the Real Estate Sector. The Group’s activities are conducted through two companies; Uraga Real Estate Limited and Anchorage Leisures Limited. Uraga Real Estate, which manages a significant land bank across Nigeria, leverages over 20 years of experience in development management, property/facilities management, and real estate and fund/asset management. Honeywell Group, in conjunction with Nigerian partners and international investors, set up Anchorage Leisures Limited, as a vehicle to develop and make investments in Nigeria’s hospitality and tourismReal Estate sub-sectors. The flagship development of the company is the 170 room, 5-star Radisson Blu Anchorage Hotel in Victoria Island, Lagos. The hotel is operated in partnership with Rezidor International.
In the Energy sector, Honeywell Group Companies have been at the forefront of building and investing in critical infrastructure necessary for the development of sub sectors within the Energy Value Chain. Pivot Engineering Company Limited (PECL), has over the last 25 years been actively involved in providing Engineering, Procurement and Construction (EPC) services to the power industry. The company has worked extensively with the Federal Government on landmark power projects such as the OAY (Owerri-Ahoada-Yenagoa)project for Transmission Company of Nigeria (former Power Holding Company of Nigeria), where itwas responsible for the EPC that successfully delivered a 132KV double circuit transmission line, which connected Bayelsa State to the national grid for the first time. Uraga Power Solutions Limited (UPSL), an off-grid fossil-fuelled generation and renewable energy solutions provider, develops, finances, constructs, owns and operates captive and embedded off-grid power plants to provide superior power solutions to an array of customers including factories, hotels, industrial estates, malls and residential estates. It engages in both the acquisition of existing ‘brownfield’ power generation assets and the development of ‘greenfield’ projects. UPSL currently manages 37MW of industrial power assets. Pivot-GIS Limited, another Honeywell Group company in the Energy sector, is an Engineering, Procurement and Construction services provider in the upstream oil and gas industry. It has built and currently manages critical oil and gas infrastructure for NNPC and various International Oil Companies operating in Nigeria’s upstream oil and gas industry. The company has executed a number of critical EPC for onshore and offshore projects and also provides Operations and Maintenance (O&M) services to its various upstream clients. The company also has a subsidiary company Rosetti Pivot Limited, which is a JV partnership with Rosetti Marino, an integrated group of companies headquartered in Italy, providing engineering, procurement and construction and installation services to the offshore oil & gas, petrochemical, power and ship building industries.
Through HOGL Energy, the company owns and operates over 35,000MT capacity tank farms in Apapa and Calabar, with capacity to receive various grades of white fuels. In the Services sector, Pavilion Technology Limited
(PTL), provides innovative security services to individuals and clients in the public and private sectors. Specific services offered include technical electronic security systems, manned guards, escort services, executive protection, event security, marine security, outsourced labour, and security consultancy. Pavilion has over 2,000 verified and adequately trained manned guards, securing facilities 24/7 all over Nigeria. It also has a technical partnership with Avigilon; a global provider of trusted security solutions.
As further embodiment of the entrepreneurial nature of the Group and in fulfilment of its mission statement, which is to “use enterprise to make our world better“, in 2018, the Group launched its venture capital platform, Itanna, which is focussed on identifying and partnering with the next generation of Nigerian and African businesses. The company clearly states that these businesses will be companies that leverage technology to transform traditional businesses and disrupt existing business models. The first cohort of the programme, has recently commenced and will be further developed over a period of four months.
Trade Promotion, Investments and Other Economic Development Activities
Oba is a man of many parts. He is a strategic investor who has been at the forefront of catalysing the growth of key sectors of the Nigerian economy. He played a leading role in the telecommunications revolution in Nigeria. He was a leading investor and pioneer Chairman of Econet Wireless Limited (now Airtel Nigeria), which was the first GSM company to switch on its network, following the liberalisation of the telecommunications space in 2001. This investment led to the creation of millions of jobs and spawned thousands of new-era businesses in Nigeria especially in the SME category.
A widely-acknowledged boardroom guru, Oba is currently Group Chairman, FBN Holdings Plc, owners of First Bank of Nigeria, Limited. He was also the Chairman of First Bank of Nigeria Plc., FBN Bank (UK) Limited, Fan Milk of Nigeria Plc(one of Nigeria’s oldest and leading dairy food processing and Distribution Company which has been in operation for over 50 years and currently at the forefront of backward integration for dairy products in Nigeria) and Airtel Nigeria.He has, at various times, served on the Boards of Central Bank of Nigeria (1990 – 1997), Guinness Nigeria Plc (1999 – 2003), British American Tobacco Ltd (2001 – 2004) and Ecobank Transnational Incorporated, headquartered in Lome, Togo (2002 – 2010).
As a foremost capital market investor, he was elected the 16th President of the Nigerian Stock Exchange (NSE) in September 2006, where he customarily assumed the responsibility of inspiring step change transformation of the Nigerian capital market.
To facilitate investment flows into Nigeria, Oba was the pioneering Chairman of the Nigerian-South African Chamber of Commerce (NSACC). He was formerly a Board member of the Franco-Nigeria Chamber of Commerce and Council Member of the Nigerian-Netherlands Chamber of Commerce. 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.Dr. Otudeko is unrelenting in his efforts at promoting multilateral African trade and deepening public-private partnerships. He was at some time in the past on the Board of the NEPAD Business Group – Nigeria.
Oba advocates a market-driven but sustainable national development. He also believes in adherence to good corporate governance practices and a business environment that allows new business opportunities translate into greater shareholder value.
Public Service
Although Oba is more renowned as a private sector business leader, his love and passion for Nigeria has intermittently propelled him into public sector roles. Prior to the advent of the Second Republic in 1979, he was an active member of the Constituent Assembly mandated to draft a new Constitution for Nigeria. In 1993, he was Chairman of the National Maritime Authority and for over three years, until 1993, he was a Council Member of Manufacturers’ Association of Nigeria (MAN). Specifically, in the banking sector, he was at various times Council Member of the Nigerian Banks Employers’ Association, the Bankers’ Committee, and the West African Bankers’ Association.
Between 2013 and 2014,he was Chairman, Business Support Group (BSG), the working group responsible for the delivery of the National Integrated Infrastructure Master Plan (NIIMP) of the National Planning Commission. He also served as Member, Presidential Advisory Council on Nigeria Industrial Revolution Plan from 2014 to 2015.
In 2001, he was appointed Chancellor, Olabisi Onabanjo University, formerly Ogun State University, Ago-Iwoye, Ogun State. He served until 2010.He currently serves as a member of the Office of Distinguished Friends of the London Business School.
Philanthropy
But for Oba, it is not all about wealth-creation, he believes that created wealth must be put to good use, especially for national development. It is in the light of this that he founded the Oba Otudeko Foundation (OOF) as a vehicle for human and capacity development initiatives. In fact, the OOF’s articulated mission states that the Foundation “is committed to programmes aimed at ensuring that Nigeria keeps pace in the technologies and competencies that will define the twenty-first century and beyond, through people empowerment, capacity, and institutions building.” The Foundation also has four focus areas – Education, Health, Public Enlightenment and the Environment – through which it implements its interventions.
Presently, the OOF has fully developed the strategic framework for implementing a pivotal intervention called, Footprints Occupational Training Centre. Through this initiative, OOF hopes to restore Nigerians’ pride in basic craftsmanship and skilled labour, whilst offering comprehensive technical and vocational training to teeming Nigerian youths in critical areas of Machine Work, Fabrication & Welding, Plumbing & Pipe Work, Refrigeration and Air-Conditioning and Electrical Installations.
In the meantime, some of OOF’s interventions include: donation of an auditorium (Honeywell Group Auditorium) to Lagos Business School, Pan-Atlantic University, Lekki, Lagos; donation of a Students’ Cafeteria to Bells University of Technology, Ota, Ogun State; donation of an Administrative Building to All Saints College, Edun Village, Ibadan; Institution of a Central Administrative Building for the Olabisi Onabanjo University, Ago-Iwoye, Ogun State. OOF also supports worthy social causes, provides grants to students and regularly supports orphanages and old peoples’ homes.
Recognition
In further recognition of his many contributions to the economic and social development of Nigeria and his consistent commitment to good causes and the Nigerian nation, Oba’s National Honour was again upgraded to Commander of the Order of the Federal Republic (CFR) in November 2011, having previously been awarded 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.
His other awards include: Honorary Doctor of Science (D.Sc.) from Olabisi Onabanjo University, Ago-Iwoye, Ogun State; Honorary Doctor of Business Management from Crescent University, Abeokuta, Ogun State; Honorary Doctor of Science Degree (D.Sc.) from Ajayi Crowther University, Oyo Town, Oyo State; the ZIK Foundation for Leadership Award; Sardauna Magazine National Excellence and Leadership Lifetime Achiever Award; Nigerian Investment Promotion Achiever of the Year Award; Nigerian Telecoms’ Outstanding Contribution to Telecoms Award; the Paul Harris Fellow Award of Rotary International; Honorary Citizen of Dallas Texas, USA; Honored Citizen of Meziara, Lebanon; Entrepreneur of the Year Award at the ThisDay Awards in 2009 and 2013, Ernst & Young Lifetime Achievement Award; Leadership Newspaper Business Person of the Year 2015; Silverbird Extraordinary Lifetime Achievement Award, the 2016 Africa CEO Forum’s Africa CEO of the Year Award; and recently, Vanguard Newspaper Lifetime Achievement Award.
Oba Otudeko is definitely a national treasure, who has contributed over 50 years of hard work and commitment to the growth of business corporations and institutions impacting the Nigerian economy. We wish him more years of active service and contributions to further growth and development of Nigeria.