Tuesday, August
18, 2020 12:01 AM / By Proshare Content/ Header Image
Credit: EcoGraphics
Boardrooms
can be theatres of hot passion, conflicting perspectives and hubris. The
livewire of qualitative boardroom interaction is the cross-fertilization of
opposing opinions and the nuances of individual views. To ensure that the
potentially explosive mixture of personalities does not derail corporate
purpose and prospects, a dean must be put in charge of the seemingly
conflicted class of boardroom personalities. One of Nigeria's toughest and most
skillful board monitors has been 77-year-old Oba Otudeko, CFR.
Otudeko
has been a titan of local boardrooms for over four decades and has emerged as
one of Nigeria's savviest masters of the art of motivation, inspiration and
jackboot tough love where and when necessary. His training as a Chartered
Accountant has created a visceral inclination towards steadiness and compliance
while his natural tendency to win has meant that his dominant personality does
not suffer fools lightly; the combination has proved to be effective, even if
uncomfortable for friends and foes alike. The alchemy of dominance and
compliance establishes a rock-hard personality that can be a formidable
corporate weapon. The irony? Otudeko can equally show incredible compassion,
generosity and emotional intelligence.
Starting The Future
It
is hard to imagine that the idea for one of Africa's largest conglomerates was
spawned by a message on a greeting card. But, in the aftermath of Nigeria's
civil war in 1967, importing greeting cards were banned, but a young Otudeko
saw the flashing lights of opportunity where others saw problems. He understood
the importance of keeping people and families connected in a country in search
of healing. The understanding of this need translated into a call for action
and within minutes he decided to team up with his mother to start a greeting
card company that would grow to become today's Honeywell Group.
Otudeko's
precocious mind created the outlines of the inner essence of a man and his
business-an unwavering belief that Africa had a wealth of human capital with
the skill and ingenuity to capture opportunities that could change the
continent. Indeed it was this marriage of man
and vision that led the boardroom craftsman to his first forays into
commodities in 1983, and evolved into the establishment of the newest company
under the Honeywell imprimatur-the startup incubator, Itanna.
Back in The Days
The rusty rooftops of a million sprawling
houses in Ibadan could not be bothered with the tenants they provided shelter,
the plebian and the overlord were equally protected from the elements of rain
and sunshine as they swept Ibadan's streets and markets in an engaging battle
of supremacy. The torrential rainfall of June and July did not quarrel with
anybody as the blazing sun smiled on everyone. It was in this remarkable rustic
straggling city that the future boardroom maven, Obafoluke Ayoola Otudeko was born
in August 1943, the 11th child of his father's 15 children. "Oba", as he is
fondly called, completed his primary education in Ijebu Igbo and went on to
Olivet Baptist High School, Oyo, where he excelled academically.
Fresh-faced and
newly graduated from secondary
school, he started work at the then Co-operative Bank as an accounts clerk at the tender age of 17. The early bank appointment was thanks to a chance meeting with the bank's
general manager,
the late Chief Ayodele Onagoruwa, at his father's
house. "Oba" proved diligent, resourceful
and at times pleasantly 'headstrong' and was rewarded for his commitment
by rising rapidly through the staff ranks to become a manager at the age of 21.
Scholarships from the government and the bank to advance his education at the Leeds College
of Commerce soon followed. At the age of 25, Otudeko had qualified (with honours and several
prizes) as a Chartered Accountant of the Association
of Chartered Certified Accountants (ACCA), UK. He returned to the Co-operative Bank as
a senior accountant, rising to the position of general manager, then becoming the acting chief executive officer (Ag. CEO). In his time at the bank and several years after, Otudeko worked with and through people to
give opportunities to others. Many organizations that are now large entities, started with seed funding he provided while at the Co-operative Bank.
Within the period, Otudeko built a strong foundation on the personal front; he became a family man,
getting married to his young heartthrob-a marriage that has waxed strong after 48 years and seven children. Otudeko founded Honeywell in 1972, leaving it under
his mother's watchful care as it hummed along quietly in the background. In
1983 he was ready to strike out on his own: at the age of 39, he retired from
banking to address the corporate challenges of Honeywell in earnest.
A Forward Look At The Past
Otudeko's mother had been a fairly successful commodities trader in the western parts of the
country, so it was
natural that Oba started down his new path by retracing his mother's steps and broadening the business's horizon. Honeywell's early focus was trading in food products across Northern Nigeria and West Africa and Otudeko's retirement from banking allowed him to pour his energy into its expansion.
A few years into the business the ex-banker got fresh
insight into a bigger portrait and soon Honeywell pivoted into the import business, importing baking
yeast, milk, stockfish, glass and steel rods, among other products.
Throughout the 1980s and the 1990s, the relatively young boardroom executive
steered Honeywell through a period of aggressive expansion, reimagining the business outlook and company's
product portfolios across
multiple sectors of the economy including flexible plastic production,
fisheries, and electrical and mechanical engineering contracting services, to
name a few. The turn of the 21st century saw a consolidation of
his business holdings and today, he has built a group of companies that touch
millions of lives. From pioneering new food products like wheatmeal that has changed and improved
the eating habits of Nigerians, to pivotal projects connecting Bayelsa State to the national electric grid for the first time, and executing the
largest maintenance contract by an indigenous company for operations and
maintenance of the Nigerian Liquefied Natural Gas (NLNG) plant on Bonny Island,
Honeywell has made a name for itself with the quality and
breadth of its products and service offerings under
Otudeko's shrewd leadership and guidance.
A Willingness
To Partner Tomorrow
Otudeko
continued to think bigger and seek growth opportunities. A telephony
revolution was occurring globally with the advent of the mobile phone and with
a failing national telephone grid, there was a need for a stable
alternative to landlines. In his usual manner, and razor-sharp instinct
for an opportunity to be mined, Otudeko led the consortium that brought
Econet (now Airtel) to Nigeria and was the first person to make a GSM call in
the country; and until 2013 he was chairman of the board of Airtel Nigeria. The Ibadan-bred
business wonder kid also spotted the gap in the local hospitality
industry and realized the nascent demand for high-end hotel services
and
the possibility of a budding growth market. Through Anchorage Leisures Nigeria which he chairs,
Honeywell was able to bring the international Radisson brand to Nigeria in a
partnership that could shape tomorrow's hospitality architecture.
The Baron of The Boardroom
Otudeko's
success has not been limited to entrepreneurship, he has put his extensive
experience into
tough
art of investing,
garnering a gritty
reputation for his prolific capital market plays. His combined experience has made him a
natural fit to provide leadership and guidance beyond Honeywell. Otudeko became the
sixteenth president and chairman of the Nigerian Stock Exchange (NSE) and has sat on
several boards of
blue-chip companies and strategic national institutions, including the Central Bank
of Nigeria, Guinness Nigeria Plc, British American Tobacco Ltd, First Bank of
Nigeria Plc (where he was also chairman), Fan Milk Nigeria (chairman), and
Ecobank Transnational Incorporated. He also currently chairs the boards of FBN
Holdings Plc and Honeywell Flour Mills Plc. It is no wonder that friends (and perhaps
even foes)
refer to him as "Chairman of Chairmen" and at times "Chair of Chairs".
Otudeko is
renowned for his incisiveness and "take-no-prisoners" approach to the review of
corporate performance and business strategy. As far as thoroughness and
introspective evaluation of corporate potentials are concerned "Oba" is a lion.
He is as abrasive with others as he is with himself when it comes to targets, goals
and performance, his passion is dipped in success and not excuses. To some
folks "Oba" can be 'rough, tough and punishing', but this rides on the rigorous
and intense standards he applies to himself much more than his evaluation of
others, which admittedly, according to those who have worked with him, can be
exacting.
Nevertheless, "Oba" is a boardroom battle axe most corporations prefer to have in their
corner as his rigour and resilience make him a gem of special value. Besides,
Oba's age has not weakened his revolutionary insight and whippet-sharp grasp of
trends and details, making him the go-to boardroom baron.
Oba; A
People's Hero
Giving back to society has always
been an important part of Otudeko's
philosophy. His love for his country has seen him serve in several public sector positions including being an active member of the constituent assembly mandated
to draft a new constitution for Nigeria in 1989. In 1993, he was chairman
of the National Maritime Authority and for over three years, until 1993, he was
a council member of the Manufacturers' Association of Nigeria (MAN). In the banking sector, he was at various
times council member
of the Nigerian Banks
Employers' Association, the Bankers' Committee, and the West African Bankers' Association.
"Oba's" passion for giving back to society, both public and private sectors, is well-known; his hunger to promote the education of a younger generation
(particularly Gen-Zers) saw him serve as chancellor of the Olabisi
Onabanjo University, Ago-Iwoye, Ogun State from 2001 to 2010 and he currently
serves as a member of the Office of Distinguished Friends of the London
Business School, UK. Between 2013
and 2014, he was the chairman of the Business Support Group tasked with the
delivery of the National Integrated Infrastructure Master Plan of the National
Planning Commission. He also served as a member of the Presidential Advisory
Council on the Nigerian Industrial Revolution Plan.
His service has not gone unnoticed. He has been conferred with various national honours including the Member of the Order of the Federal Republic (MFR) in 2000; Officer of the Order of the Federal Republic (OFR), 2002; Commander of the Order of the Federal Republic (CFR), 2011; and most recently, the National Productivity Order of Merit in 2019.
The Maven At 77, Celebrating Legacy
At 77 "Oba" has written much of his corporate
script, he has shined a torch for others to follow and built a repoirtoire of
businesses moves that provide compelling guidance for a new generation of
managers and directors with fresh dreams, new visions and evolving
perspectives, for "Oba" the journey has been tough, at times confusing but
ultimately rewarding and educative. "Oba" has seen a broad stretch of the twist
and turns of both economy and business in the last half century at the highest
levels of management and boardrooms and as he celebrates the magical 77 he can
look back with pride at the building of not just businesses but also legacies.
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