Richest Men in Nigeria: Ayoola Obafunke Otudeko

Nigeria’s Richest List

Ayoola Obafunke Otudeko’s Biography



Dr. Ayoola Obafunke Otudeko, a Chartered Accountant, Chartered Banker, and a Chartered Corporate Secretary, is the chairman of Honeywell Group, Airtel Nigeria, and Fan Milk of Nigeria Plc, was born 72 years ago on August 18, 1943. He is a native of Odogbolu in Ogun State, Southwest Nigeria.

Oba Otudeko is a foremost businessman with unwavering doggedness whose business interests cut across banking, food processing, telecommunication, hospitality, among others. He retired as the Chairman of Nigeria’s First Bank Plc after serving for 12 years on its board. The business tycoon also served on the boards of Nigeria’s apex bank, the Central Bank of Nigeria, Ecobank Transnational Incorporated and Guinness Nigeria Plc. He was the 16th President and Chairman of Council of the Nigerian Stock Exchange for a period of three years between September, 2006 and August, 2009.

Otudeko’s Honeywell Group was founded in 1972 and originally started operations as a trading concern importing and marketing stock fish, baking yeast, glass and steel rods, to mention just a few. The company later evolved into a diversified enterprise with businesses across different sectors of the Nigerian economy. The group has through additional portfolio investments, been able to provide a significant amount of capital to other sectors of the nation’s economy which cuts across financial services, security management and telecommunications.

He was the Chancellor of Olabisi Onabanjo University (OOU) in Ago-Iwoye, Ogun State, Nigeria from 2001 to 2010. He also served on the Africa Regional Advisory Board, London Business School, where he still serves as a member of the Office of Distinguished Friends.

His Honeywell Group conglomerate’s operations spread across flour milling, oil and gas, marine transportation and real estate.

He was first awarded the national honor of the Member of the Order of the Federal Republic (MFR) in year 2000 before being upgraded to the rank of the Officer of the Federal Republic (OFR), in 2002, and subsequently to the Commander of Order of the Federal Republic (CFR) in 2011. He was also conferred with a special award in recognition of his outstanding contributions to the development of his home state and country by the Ogun State government.

Forbes Magazine currently rates Oba Otudeko as the 24th richest man in Africa.

Dr. Ayoola Obafunke Otudeko is also a board member of Sevearl Business outfits. And in addition to that, he serves as Chairman Broadview Engineering Company Limited, the Pivot Engineering Company Limited and Pavillon Technologies Limited.

In all, suffice it to say that Dr. Ayoola Obafunke Otudeko is an astute business man with a brilliant mind, as can be attested by his academic qualifications from various institutions across the globe.


  • Harvard Business School
  • Leeds College of Commerce
  • International Institute for Management Development, Lausanne, Switzerland
  • Arthur D. Little School of Management

Networth: $605 million (2016)

Foundation or organization founded: Honeywell Group


  • Africa CEO of the Year (Africa CEO Forum, 2016)
  • Business Person of the Year (Board of Leadership Newspapers, 2015)