[section_title title=No 3 Oba Otudeko]
Networth: $2.4 billion
Source: Manufacturing, Investments
Ayoola Oba Otudeko (born August 18, 1943) chairs the board of a number of companies including Honeywell Group of Companies, a Nigerian-based conglomerate and holding company with strong international presence.
Ranked 24th richest man in Africa by Forbes magazine Otudeko’s networth is mostly due to his Honeywell Group, a conglomerate founded in the 1980s that is involved in oil & gas, flour milling, engineering, real estate and marine transportation. The Honeywell Flour unit of the group is publicly traded but revenues for the rest of the group’s interests are not disclosed.
Otudeko also owns a 14% stake in Bharti Airtel’s Nigerian wireless phone operations, a company believed to be worth at least $2 billion. Oba Otudeko owns a controlling stake of Radisson Blu, a luxurious 5-star oceanfront hotel in Victoria Island, Lagos. Otudeko is also the largest individual shareholder in First Bank of Nigeria, one of West Africa’s largest financial institutions. His stake in First Bank is about 1%. Based on figures from recent annual reports and market agencies Otudeko’s stake in Honeywell Flour Mills is worth in the region N 4.8 billion ($32million) and his First Bank investment with a market worth of about N4.79 billion ($31.3 million). His stock market investments are worth roughly $70 million. He clearly derives most of his networth from his other private units of the Honeywell Group and several stakes he owns in companies like the Oceanfront Hotel, Bharti Airtel Nigeria etc.