Obafunke Otudeko, the popular billionaire fights for his career - CAVEAT TIMES


Thursday, May 13, 2021

Obafunke Otudeko, the popular billionaire fights for his career

Billionaire Oba Otudeko, born and bred in Ijebu-Igbo is a popular Nigerian elite with business ties spanning from manufacturing to the services sector.

Mr. Otudeko was the chairman of Honeywell Group who ventured into the business world at a very tender age. All his ventures have been successful. He is a seasoned boardroom warrior who has fought and won many boardroom wars.

 Right now, however, he is involved in what could be called the biggest fight of his career and he might be on the verge of losing all that he has worked for several years to build.

The billionaire is said to be battling with a lot of travails presently. The problems he faces stems from his sack from the board of First Bank of Nigeria Holdings by the Central Bank of Nigeria. 

To compound his worries the apex bank has directed FBN to push for the repayment of the #75 billion insider loan collected by Honeywell Flour Mills and Oba Otudeko within 48 hours. If the loan is not repaid within the stipulated time timed and no action is taking on gaining control of the assets used as securities/collateral for the loan. 

Otudeko had served as the Chairman of First Bank of Nigeria until 2010, where he moved to FBNH as the Chairman. 
The CBN has queried First Bank for its non-compliance with regulatory directives to divest its interest in Honeywell Flour Mills despite all reminders given.

As a seasoned business warrior who would never back down easily, Mr. Oba Otudeko and his firm, Honeywell Flour Mills may legally challenge this directive and his sack.

If Otudeko fails to pay up the loan within the deadline given by the CBN, he stands the risk of losing the value of his shares in FBNH. Otudeko is a shrewd businessman and realizes that investigations into his activities may also encourage probes into his dealings in the Oil & Gas sector where there are allegations of subsidy fraud against him.

Members of the public and shareholders are following the drama with keen interest as we all wonder how this boardroom warrior will survive all these.

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