Oba Otudeko
The Journal Nigeria
The story of how Oba Otudeko—renowned businessman and founder/chairman of the Honeywell Group—lost his commanding position at First Bank, Nigeria’s oldest commercial bank, is a striking example of ambition, governance, and the intricate interplay of leadership and influence. While this saga may be familiar to those steeped in Nigeria’s corporate history, The biography; UK Eke: A Life of Impact, by Udu Yakubu and Richard Mammah offers a revealing glimpse into the behind-the-scenes dynamics of one of the nation’s most storied institutions.
A Personal Legacy at First Bank
For Otudeko, First Bank was more than a corporate engagement; it was a personal mission. By 2019, he had not only served as chairman but had also become the largest individual shareholder of FBN Holdings, the parent company of First Bank. His influence was profound, shaping the bank’s strategy, key appointments, and major decisions. Otudeko’s presence was like an invisible hand, guiding the institution’s path.
However, power is transient. Between 2021 and 2023, the series of events that unfolded marked the end of an era. Although Otudeko had stepped down as chairman of First Bank in 2019, succeeded by Ibukun Awosika—who made history as the bank’s first female chairperson—his influence persisted. As chairman of FBN Holdings, he maintained a tight grip on the institution.
Governance, Influence, and Tensions
Otudeko’s governance style is said to have blurred the lines between oversight and operational control. His influence often extended into the direct management of subsidiaries, bypassing the Group Managing Director (GMD) and causing friction with executives. Among those whose careers were shaped by Otudeko was UK Eke, the subject of the biography. With Otudeko’s endorsement as well as several others, Eke was welcomed into First Bank and ultimately rose to become the GMD of FBN Holdings.
The tipping point came in April 2021 with the abrupt dismissal of Sola Adeduntan, the MD of First Bank. This decision—executed without due process—sparked immediate backlash. The Central Bank of Nigeria (CBN) viewed the move as a serious breach of governance. In a decisive intervention, the CBN dissolved the board and reinstated Adeduntan, effectively curbing Otudeko’s influence.
The fallout revealed deeper fissures. Relations between Otudeko and Adeduntan, once harmonious, had soured over disagreements. This discord might have culminated in Adeduntan’s premature retirement, announced just 24 hours after his re-election as a director of FBN Holdings—a position reserved for the MD/CEO of the bank. The move to replace him with his deputy, Gbenga Shobo, further exacerbated tensions, setting the stage for the CBN’s intervention.
This pivotal moment, vividly recounted in UK Eke: A Life of Impact, underscores the complexities of corporate governance in Nigeria’s banking sector. For those captivated by the intricate dance of corporate governance, boardroom politics, and the pursuit of power, UK Eke: A Life of Impact is a compelling read. It not only charts Eke’s professional journey but also provides an insightful look into the machinations of one of Nigeria’s oldest financial institutions, making it an essential read for anyone interested in the interplay of leadership, ethics, and strategy in the corporate world.
