Honeywell Group Limited, owned by Nigerian business mogul Oba Otudeko, has acquired a 14.12 percent stake in Ikeja Hotel Plc.
In a statement submitted to the Nigerian Exchange Limited on Thursday, Ikeja Hotel disclosed that Honeywell Group purchased 305.32 million shares, representing a 14.12 percent ownership stake in the company.
“Ikeja Hotel Plc (the company) hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares, representing 14.12% shareholding in the Company,” the statement read.
Although Ikeja Hotel did not reveal the monetary value of the deal, the acquired shares are estimated to be worth about N13.2 billion, based on the company’s closing share price in Thursday’s trading session on the Nigerian stock market.
Honeywell Group, the parent company of Barbican Capital, holds investments across multiple sectors, including energy, real estate, infrastructure and services.
Barbican Capital previously held a major stake in First HoldCo Plc before Otudeko sold his shares following a leadership dispute with Femi Otedola, the current majority investor and chairman of the financial institution.
Otudeko exited First HoldCo in July 2025, two years after acquiring 4.7 billion shares.