HGL Real Estate Limited, an affiliate of Honeywell Group Limited, linked to billionaire tycoon Oba Otudeko, has acquired a 14.12 percent stake in Lagos-listed hospitality provider Ikeja Hotel.
According to a regulatory filing on Thursday, Ikeja Hotel disclosed that it has received notification from the real estate firm that it has acquired 305,323,525 units of the company’s shares, representing a 14.12 percent shareholding. Making HGL Real Estate Limited its second-largest shareholder.
Based on Thursday’s closing share price, the firm’s holding in Ikeja Hotel is valued at over N13.2 billion.
The share purchase positions HGL Real Estate among the top seven shareholders of the company, ranking second only to Oma Investments Limited, which holds the top spot with a 25.8 percent stake.
In May 2023, Honeywell Group announced the appointment of Kemi Adeoye, its chief financial officer, to the board of Ikeja Hotel as a non-executive director.
“As a member of the board, Adeoye will play a crucial role in representing HGL’s interest in the company and ensuring continued value creation for stakeholders,” Honeywell Group said at the time.
“HGL’s investment in Ikeja Hotel Plc is in line with its mission to create, build, and invest in great businesses that create enduring value and improve lives,” it added.
The acquisition comes as Honeywell-related businesses continue to report strong financial performance.
Honeywell Flour Mills Plc recently reported a profit before tax of N21.9 billion for the financial year ended March 31, 2026, representing a 3.3% increase from the previous year.
The company recorded revenue of N360.85 billion during the period, while finance costs declined significantly, supporting profitability despite softer operating performance.
Its board also recommended a dividend of N0.20 per share, amounting to N1.59 billion, compared with no dividend payout in the preceding financial year.
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