Oba Otudeko is a name that commands respect in the business world in Nigeria. The self-made billionaire is one of the early entrepreneurs who paved the way for many businesses that exist today.
Although born with a silver spoon to a royal family in Ibadan, Oyo State, he worked his way up to become one of Nigeria’s business tycoons with a net worth of US$550 million as of June 2017.
Otudeko started out as a simple clerk in an almost dead cooperative bank, going on to become the bank’s General Manager, then CEO.
This was the beginning signs of his greatness as a governance guru in the corporate world; he has gone on to serve on several corporate boards like the Central Bank of Nigeria (CBN), British American Tobacco Ltd, FBN Holdings and more.
He was once Chairman of First Bank of Nigeria, Bharti Airtel Nigeria, FBN Bank (UK), National Maritime Authority….the list goes on.
He currently is the Chairman and founder of the Honeywell Group which is one of the leading conglomerates in Nigeria. He also owns a vast number of properties around Lagos, Nigeria. There is no doubt about the greatness of this man.
Now, Oba Otudeko is at the brink of losing everything he has worked for. The Central Bank of Nigeria (CBN), has directed that First Bank of Nigeria recalls his #75 billion loan from his company, Honeywell Group, to pay the loan owed to the within 48 hours, or face seizure of assets. He is at risk of losing his shares if he fails to comply with the order by the CBN.
The Central Bank of Nigeria is displeased by the fact that FBN gave insider loans to the Honeywell Group and has not carried out it due process despite the numerous several reminders by the apex bank.
There is insider information that Mr. Oba Otudeko is being investigated by the Economic and Financial Crimes Commission and our sources believe that Otudeko will quietly repay some part of the loan facilities he owes several financial institutions to stifle some of the charges against him and his cronies.
This is going to be some battle to watch. Let’s see how our shrewd business-guru can get himself out of this one.