FBN Quest repossesses Nestoil assets after appeal court rulingThe latest takeover of Nestoil assets followed an order of restorative injunction issued by Justice Yargata B. Nimpar of the Court of Appeal, Lagos.The receiver-managRead More
Business Gists
Cadbury Nigeria announces MDs retirement, appoints finance director as interim headThe Cadbury Nigeria Plc, yesterday announced the appointment of Mrs. Folake Ogundipe, the current Finance Director, as the interim managing direcRead More
The confusion triggered by viral social media posts claiming that the Court of Appeal has overturned a Federal High Court order in the dispute between Nestoil Limited and FBN Quest has been dispelled.A comprehensive investigationRead More
FBNQUEST: Nestoil And Neconde Are Not Under Any ReceivershipNestoil Limited has denied reports claiming that Nestoil and Neconde are under receivership, calling the publication false, misleading, and an attempt to influence ongoRead More
Alleged $1bn Nestoil Debt: First Bank, Access, Zenith Bank MDs Risk ImprisonmentThe Federal High Court in Abuja has issued stern warnings to three major financial institutions, First Bank of Nigeria Limited, Access Bank Plc, andRead More
Olugbemi. Adeyinka Ogunleye
Lemme guess, Nestoil will walk...
Meet the powerful families behind Nigeria’s most iconic manufacturing brandsNigeria’s manufacturing sector may not always grab headlines, but it quietly powers a huge chunk of the economy, creating jobs, stabilizing supply chainRead More
Gabriel Nwabunwanne
6. The Otudekos Business: Honeywell Group Founded in 1972 by Nigerian entrepreneur Oba Otudeko, Honeywell Group began as a food trading business before expanding into imports of dairy, steel, and stockfish for Nigeria’s growing domestic market. The Group’s milestones trace Nigeria’s own economic journey: the relocation of its headquarters to Lagos in 1993; the 1997 construction of a 23,000-metric-tonne tank farm in Apapa; the 2009 listing of Honeywell Flour Mills on the Nigerian Stock Exchange;
Gabriel Nwabunwanne
and the 2011 opening of the Radisson Blu Anchorage Hotel, the first of the global brand in West Africa. Oba Otudeko, through Honeywell Group, was a major shareholder and former chairman of FBN Holdings (now First HoldCo), but he recently divested his significant stake in July 2025, selling 10.43 billion shares in a block deal worth over N323 billion. Today, Obafemi Otudeko, son of the founder and current Managing Director, is driving the Group’s next chapter. With more than 25 years
Gabriel Nwabunwanne
of investment leadership, he has overseen landmark transactions, including Airtel Nigeria’s multi-million-dollar divestment and the 2022 sale of Honeywell Flour Mills.
Gabriel Nwabunwanne
5. The Okoyas Business: Eleganza Group Few Nigerian names are as closely tied to local industry as the Okoyas. Their flagship, Eleganza Group, has been shaping consumer goods manufacturing for nearly five decades. With trading roots traced to the late 1960s, Eleganza formally began manufacturing in 1978, opening its first factory in Oregun, Ikeja. From plastics and packaging to fans, chairs, diapers, and cosmetics, Eleganza products are fixtures in households across Nigeria and neighboring African
Gabriel Nwabunwanne
countries. At the helm is Chief Razaq Akanni Okoya, CON, billionaire industrialist, Aare of Lagos, and founder of Eleganza. His empire extends beyond manufacturing into real estate through RAO Property Investment Company. Today, Eleganza employs about 5,000 people nationwide, making it one of Nigeria’s largest private-sector employers. Leadership has since evolved into a family affair. Folashade Nimota Okoya, MON, wife of Razaq and current MD/CEO, has expanded Eleganza’s portfolio and
Gabriel Nwabunwanne
strengthened its market presence. Together, the Okoya family represents a rare story of Nigerian industrial resilience, building a brand that powers everyday life.
Gabriel Nwabunwanne
4. The Okonkwos Business: Ekulo Group( Evans Limited) The Ekulo Group of Companies traces its roots back to 1980, when Chief Dr. Emma Bishop Okonkwo (OFR) founded E.C. Okonkwo & Brothers in Lagos, trading in electrical appliances and beverages. In 1984, he incorporated the business as Ekulo, named after a steady, ever-flowing stream in his hometown of Ichi, Anambra State—symbolizing the consistency and reliability he envisioned for the company. By 1985, Ekulo had expanded into the importation of
Gabriel Nwabunwanne
beverages, food items, cosmetics, and stationery. That same year, it introduced Five Alive to the Nigerian market and began representing major global brands such as McVitie’s, Goya, and Tura. From 1989 to 1991, Ekulo became the sole representative of McVitie’s in Nigeria and launched Eva Wine, which has since become a household name in the non-alcoholic wine category. The company also represented premium brands like Moët & Chandon, Rémy Martin, and Johnnie Walker. In the early 1990s, Ekulo
Gabriel Nwabunwanne
diversified into stockbroking and real estate, leading to the establishment of Evans Industries Limited in 1992—now the manufacturer of leading soap brands such as Eva, Meditol, Hawaii, Unik, Gino, and Blossom Light. Today, Ekulo remains a major force in importation and local manufacturing.
Meet President Of The Africa CEO Club, Dr Gaye Who Sojourns In NigeriaGlobal Felicitations As Dr. Fattoumatta Gaye Marks Birthday TodayThe African business and leadership community is abuzz with celebration as Dr. Fatoumatta GayRead More
Dangote Fertilizer partners Firm to license and build 4 plants in LekkiDangote Fertilizer Limited (DFL) has entered into a strategic agreement with Thyssenkrupp Uhde Fertilizer Technology (UFT), a subsidiary of thyssenkrupp UhdeRead More
Elon Musk's $1 Trillion Pay Package Approved By Tesla Shareholders « Tesla shareholders have approved a record-breaking $1 trillion compensation package for Chief Executive Officer, Elon Musk, the largest ever awarded to a Read More
Erisco Foods Limited has become the first tomato paste manufacturer to win National Productivity Order of Merit Award. The leading indigenous food manufacturer remains the only tomato paste manufacturer to ever receive theRead More
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