7 Millionaires Who Fell Off The Forbes 50-Richest-Africans List

7 Millionaires Who Fell Off The Forbes 50-Richest-Africans List

Oba Otudeko AP_101119040828
Oba Otudeko, 2010, during the rebranding of Bharti Airtel. Photo: Sunday Alamba/AP

Oba Otudeko, Nigeria

Oba Otudeko, chairman of Nigerian conglomerate Honeywell Group, has seen the value of his shares in publicly listed financial services conglomerate FBN Holdings and Honeywell Flour Mills fall 35 percent and 30 percent since 2014. He sold his minority share in the Nigerian operations of Bharti Airtel two years ago.

He won an award from EY award given to entrepreneurs who demonstrate excellence and extraordinary success in areas such as innovation, financial performance and personal commitment to their businesses and communities.

Presenting the award, Ernst and Young Regional Managing Partner for West Africa, Henry Egbiki, noted that winners were chosen based on the critical factors of value creation, wealth management and employment generation among other things.

EY said Otudeko had created value and a motivated workforce.

Otudeko is considered a visionary entrepreneur with successful domestic and foreign investments that cut across diverse sectors of the economy.

He has been chairman of First Bank of Nigeria, FBN Bank (U.K.) Limited, Airtel Nigeria and Fan Milk of Nigeria. He has also served on the boards of Central Bank of Nigeria, Guinness Nigeria, British American Tobacco and Togo-based Ecobank.

Sources: ThisDayLive, Forbes