HGL Wins Award for Generational Excellence in Family Business

HGL Wins Award for Generational Excellence in Family Business Honeywell Group Limited (HGL) has won the Generational Excellence in Business Award at the 2026 Family Business Leadership Awards, in recognition of its transition across three generations and its sustained business growth. The award was presented on October 15 at the Mike Adenuga Centre, Ikoyi, Lagos, during the Family Business Summit organised by BusinessDay in partnership with PwC Nigeria. HGL, which formalised its operations in 1972, has evolved from a trading business operating across West Africa into a Nigerian investment holding company with interests in flour milling, real estate, financial services and infrastructure. Foluke Oyeleye, Non-Executive Director, and Tomi Otudeko, Chief Operating Officer, received the award on behalf of the Group. Speaking on the recognition, Otudeko traced the business to her grandmother, noting that her father later formalised it to establish a more structured enterprise. “Honeywell Group started three generations ago from my grandmother. It was my father’s wish to formalise the business, which at the time was trading across West Africa,” she said. “Over 50 years later, the business has been passed down to the third generation, and it is wonderful to be recognised for excellence.” Oyeleye dedicated the award to her parents, attributing the Group’s journey to what she described as God’s grace. She also acknowledged the contributions of HGL’s employees and the support of her six siblings, particularly the leadership of Managing Director Obafemi Otudeko. At the summit, Otudeko participated in a fireside chat titled “More Than a Surname: Building a Reputation That Outlives the Founder,” where she discussed the importance of building credibility alongside an established family legacy. “Legacy may provide a platform, but reputation is earned through consistency, competence, and character,” she said. Oyeleye also spoke at the NextGen Spotlight Session, where she reflected on how businesses can preserve the lessons of previous generations while embracing fresh perspectives. Drawing on her experience outside the family business and her involvement in the team that championed HGL’s investment in Econet, she highlighted the role of inherited knowledge and new ideas in sustaining a business across generations. Family businesses play a significant role in Nigeria’s economy. Findings presented by PwC Nigeria at the 2024 Family Business Summit indicated that they account for more than 70 per cent of the country’s small and medium-sized enterprises and contribute close to half of its gross domestic product. For HGL, the award marks a milestone in a business journey spanning more than five decades. The Group says it remains focused on building businesses and creating lasting value for future generations.