HGL Real Estate Limited, a company with no significant digital presence, linked to billionaire tycoon Oba Otudeko, has acquired a 14.1 per cent stake in Lagos-listed hospitality provider Ikeja Hotel.
Ikeja Hotel “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,” according to a regulatory filing on Thursday.
Based on Thursday’s closing share price, the firm’s holding in Ikeja Hotel is valued at over N13.2 billion.
The share purchase places HGL Real Estate among the top seven shareholders of the company, second only to Oma Investments Limited, which occupies the pinnacle of the pecking order with a 25.8 per cent interest.
HGL Real Estate does not own or run a known website, which is odd for a company financially enabled to own shares worth several billion naira in another firm.
Even on the Honeywell Group Limited (HGL)’s website, HGL Real Estate is not mentioned anywhere among the subsidiaries, including among the group’s real estate subsidiaries, which comprise Anchorage Leisures Limited and Uraga Real Estate.
PREMIUM TIMES’ checks with the Corporate Affairs Commission, as well as the commission’s beneficial ownership register, did not return any information related to the company.
In May 2023, Honeywell Group announced the appointment of Kemi Adeoye, its chief financial officer, to the board of Ikeja Hotel as a non-executive director.
“As a member of the board, Mrs Adeoye will play a crucial role in representing HGL’s interest in the company and ensuring continued value creation for stakeholders,” Honeywell Group said at the time.
“HGL’s investment in Ikeja Hotel Plc is in line with its mission to create, build, and invest in great businesses that create enduring value and improve lives,” it added.
In 2022, Honeywell Group consummated a deal to sell its 71.7 per cent shareholding in Honeywell Flour Mills to Nigeria’s largest flour-maker, Flour Mills.
The enterprise value of the transaction was N80 billion.
Mr Otudeko served as the chairman of FBN Holdings (now First HoldCo) from 2012 until 2021, when he was ousted during a board shake-up by the Central Bank of Nigeria for his role in what the regulator described as a breach of corporate governance.
The Minister of Aviation and Aerospace Development, Festus Keyamo, has inaugurated the first phase of the Federal Airports Authority of Nigeria’s (FAAN) Sustainable Waste Management Programme and inspected the upgraded Pilgrims’ Terminal at the Murtala Muhammed International Airport (MMIA), Lagos.
Mr Keyamo disclosed this on Thursday in a post on his official X page following the activities, which he conducted alongside the Chairman of the FAAN Board, Abdullahi Umar Ganduje, and the authority’s Managing Director and Chief Executive Officer, Olubunmi Kuku.
The minister stated that the waste management initiative introduces colour-coded recycling bins to encourage proper waste separation, describing it as the first phase of a nationwide programme to make Nigeria’s airports cleaner and more environmentally sustainable. According to him, the initiative reflects FAAN’s commitment to improving environmental practices across airports nationwide.
Following the inauguration, Mr Keyamo inspected the upgraded Pilgrims’ Terminal, which now features a 300-seat passenger waiting area, modern VIP and VVIP lounges, free high-speed Wi-Fi, a fully air-conditioned mosque, and enhanced screening and security systems.
He commended the management of FAAN for both projects and urged the authority to sustain the momentum.
“I commend the management of FAAN for these initiatives and encourage them to keep up the tempo in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda,” the minister said.
In a separate statement, FAAN described the waste management programme as a significant step towards building cleaner, greener, and more sustainable airports across the country.
The authority urged passengers and other airport users to support the initiative by disposing of waste in the designated recycling bins.
“As you travel, your small actions can make a big difference. Dispose of your waste in the right bin, support recycling, and help us create an airport environment we’re all proud of,” FAAN stated.
These initiatives arrive as the federal government continues efforts to modernise airport infrastructure and improve service delivery across Nigeria’s aviation sector.
The Pilgrims’ Terminal at the Murtala Muhammed International Airport serves as one of the country’s major departure points for Muslim pilgrims travelling to Saudi Arabia for Hajj and Umrah. Upgrading the facility is expected to improve passenger comfort, ease the movement of travellers during peak pilgrimage periods, and enhance security screening and other airport services.
Similarly, the introduction of the Sustainable Waste Management Programme reflects a growing emphasis on environmental sustainability in airport operations. Globally, airports are increasingly adopting waste segregation and recycling systems as part of broader efforts to improve sanitation, reduce pollution, and align with international sustainability standards.
FAAN stated that the colour-coded recycling bins introduced at MMIA represent the first phase of a nationwide rollout, with the programme expected to encourage responsible waste disposal and foster cleaner airport environments across Nigeria.
BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) extends its profound appreciation to the leadership of the Senate and to *Senator Adetokunbo Mukail Abiru*, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, for their pivotal role in the successful passage of the National Insurance Regulatory Commission Bill in the Red Chamber.
This landmark legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. With enhanced oversight, transparency, and accountability, the Bill will deepen public confidence, attract investment, and promote sustainable growth that benefits policyholders, operators, and the broader economy.
NAICOM acknowledges the vision, dedication, and collaborative spirit demonstrated by the Senate leadership and Senator Abiru in championing reforms that will modernize insurance regulation and advance financial inclusion in Nigeria. Their commitment underscores the importance of this achievement for the protection of citizens and the stability of the financial sector.
The Commission reaffirms its readiness to ensure the effective implementation of the provisions of the new law once signed, and to continue working closely with all stakeholders to position the insurance industry as a catalyst for national development.