Honeywell Group Limited, the diversified Nigerian conglomerate owned by businessman Oba Otudeko, has expanded its investment portfolio with the acquisition of a significant stake in Ikeja Hotel Plc.
The hospitality company disclosed on Thursday that HGL Real Estate Limited, an affiliate of Honeywell Group, acquired 305,323,525 ordinary shares, representing a 14.12 percent ownership stake in the company.
The development was announced in a notification submitted to the Nigerian Exchange (NGX) and made available to the investing public.
In the statement, Ikeja Hotel Plc said:
"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."
Although the company did not disclose the financial details of the transaction, the acquired shares are estimated to be worth approximately ₦13.2 billion, based on Ikeja Hotel Plc's closing share price on the Nigerian stock market at the end of trading on Thursday.
Honeywell Group is one of Nigeria's leading investment groups, with interests spanning energy, real estate, infrastructure, financial services, and other key sectors of the economy. Through its subsidiaries and affiliates, the group has maintained a strong presence across multiple industries.
The latest acquisition comes nearly a year after Oba Otudeko exited First HoldCo Plc. In July 2025, the businessman sold his stake in the financial institution, ending an investment that began with the acquisition of approximately 4.7 billion shares.
Before the divestment, Barbican Capital, a Honeywell Group company, was among the largest shareholders in First HoldCo. Otudeko's exit followed a prolonged leadership tussle with businessman Femi Otedola, who is now the majority investor and chairman of the financial institution.
The acquisition of a substantial stake in Ikeja Hotel Plc signals Honeywell Group's continued interest in strengthening its investments in Nigeria's real estate and hospitality sectors.