In a move that reinforces its long-term investment strategy across key sectors of the Nigerian economy, Honeywell Group Limited, the diversified conglomerate owned by business mogul Oba Otudeko, has acquired a significant equity stake in Ikeja Hotel Plc, one of Nigeria’s leading hospitality companies.
The acquisition, which gives Honeywell Group a 14.12 percent ownership interest in Ikeja Hotel, marks another strategic expansion of the conglomerate’s presence in the country’s real estate and hospitality landscape.
The development was disclosed by Ikeja Hotel Plc in a regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday.
According to the company, it received formal notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited, confirming the acquisition of 305,323,525 ordinary shares, representing 14.12 percent of the company’s issued share capital.
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“Ikeja Hotel Plc 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 the transaction value was not disclosed, the acquired shares are estimated to be worth approximately ₦13.2 billion, based on Ikeja Hotel’s closing share price on the Nigerian stock market on Thursday.
The investment signals renewed confidence in Nigeria’s hospitality industry, which has continued to recover and evolve amid growing demand for business travel, tourism, and premium accommodation. Ikeja Hotel, the owner of landmark hospitality assets including Sheraton Lagos Hotel, remains one of the country’s most recognised players in the sector, making it an attractive investment for long-term institutional investors.
For Honeywell Group, the acquisition aligns with its strategy of building value across sectors critical to economic growth. The conglomerate maintains investments spanning energy, real estate, infrastructure, financial services, and other strategic industries, positioning itself as one of Nigeria’s most diversified indigenous business groups.
The transaction also comes nearly a year after Otudeko’s high-profile exit from First HoldCo, where his investment had been the subject of intense market attention.
Through Barbican Capital, Honeywell Group had previously emerged as the largest shareholder in First HoldCo before a widely publicised boardroom struggle with billionaire investor Femi Otedola, who now serves as the company’s majority investor and chairman. Otudeko eventually divested his holdings in July 2025, ending a two-year investment that began with the acquisition of 4.7 billion shares.
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The latest investment in Ikeja Hotel suggests a strategic redeployment of capital into sectors where Honeywell Group sees significant long-term growth opportunities. As Nigeria’s hospitality industry continues to attract investor interest amid improving business activity and infrastructure development, the acquisition places Honeywell Group in a stronger position to participate in the sector’s future expansion.
Beyond its financial implications, the move underscores a broader trend of established Nigerian conglomerates increasing their exposure to sectors with strong asset-backed value and long-term income potential. For Honeywell Group, the acquisition represents not merely a portfolio addition but another step in consolidating its influence across industries that remain central to Nigeria’s economic development.
