Oba Otudeko Honoured as “Doyen of Business” at 2024 Family Business Summit

Dr Oba Otudeko, Chairman of Honeywell Group and renowned business mogul, was awarded the “Doyen of Business” title at the Family Business Summit 2024.

The prestigious event took place recently at the Wheatbaker Hotel in Ikoyi, Lagos, and was themed, “Family Business Legacy: Strategies for Building and Maintaining Multigenerational Wealth.”* The summit aimed to empower family-owned enterprises by exploring effective strategies for leadership transitions, wealth preservation, and maintaining core family values.

Dr Otudeko was celebrated for his immense contributions to Nigeria’s economic development and his dedication to job and wealth creation through the Honeywell Group. His citation praised him as a “paragon of innovation,” recognising his commitment to driving economic growth across multiple sectors, including food, agriculture, and real estate.

Under his visionary leadership, Honeywell Group has set new benchmarks across industries, exemplifying sustained excellence and fostering economic prosperity in Nigeria.

In addition to Dr Otudeko’s individual recognition, Honeywell Group received the “Revolutionary Family Business Award” for its innovative practices, strategic leadership, and continuous commitment to excellence. This accolade underscored the company’s influential role in shaping industry standards in diverse sectors.

Accepting the honour, Dr Otudeko underscored the value of resilience in building a lasting legacy, stating, “Business leadership is a continuous journey that transcends short-term gains. A legacy is built on resilience, and at an advanced stage, your primary concern becomes ensuring continuity at a level even higher than when you started.”

He expressed gratitude to the summit’s organisers, BusinessDay and PwC, for the recognition, and encouraged emerging family businesses to prioritise succession planning and empower future leaders.

“As we look ahead, succession and the empowerment of the next generation of leaders must remain key priorities to guarantee that the legacy we are building today endures for generations to come,” he added.

The summit also honoured other notable leaders in Nigeria’s business landscape, including Dr Stella Chinyelu Okoli, founder and CEO of Emzor Pharmaceuticals, for her remarkable impact on the pharmaceutical industry and Nigeria’s economic growth. Family-owned businesses such as Tolaram Group, Orange Drugs Limited, and Daily Need Group were also recognised for their outstanding contributions to the economy.

As an annual event, the Family Business Summit continues to provide an essential platform for discussing the unique challenges faced by family-owned businesses, particularly in areas like succession planning, governance, and sustainable wealth management.