Honeywell Group Limited, a company owned by Oba Otudeko, a Nigerian business mogul, has acquired a 14.12 percent stake in Ikeja Hotels Plc.
In a statement addressed to the Nigerian Exchange (NGX) on Thursday, Ikeja Hotels, which owns Lagos Sheraton and Federal Palace hotels, said Honeywell Group acquired 305.32 million shares, representing 14.12 percent stake.
“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 hotel said.
While Ikeja Hotels did not disclose the value of the transaction, the shares are worth N13.2 billion based on the share price of the hospitality company at the end of trading in the Nigerian stock market on Thursday.
Honeywell Group, the parent company of Barbican Capital, has investments in various sectors, including energy, real estate, services, and infrastructure.
Also, Barbican Capital was the former major shareholder in First HoldCo before Otudeko sold his shares, following a leadership tussle 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.
