Honeywell Flour Mills PLC appears to be floundering in the stock market as Dr. Obafoluke Otudeko is relieved of his position as Chairman First Bank Holdings. Oba Otudeko is the largest shareholder in Honeywell Flour Mills PLC with an estimated total of over 5 billion units- 75%of the total issued shares. Oba Otudeko holds these shares through Siloam Global Services Limited and the value of his stake in Honeywell Group is about N6.2 billion ensures that Otudeko is in charge of the company. Otudeko is used to calling the shots in the Honeywell Group considering his stake and using his position in First Bank ensured Honeywell Group benefited from insider lending.

While insider lending may not be illegal the apex bank fears that Otudeko and Honeywell Flour Mills PLC did not adhere to the terms for the restructuring of their credit facilities and may have used undue influence on members of the board to get the loans approved. It is the refusal by Honeywell Flour Mills PLC to comply with the regulatory terms for over three years that may have contributed to the bank's dire straits in recent times.

Honeywell Flour Mills PLC shares face uncertainty on the exchange today but at N1.49 per share, its share price is still considerably higher than average as shareholders are holding on to their shares in hopes that the company will make drastic improvements.
The value that Honeywell Group has lost is estimated to be a colossal sum of over a 370million on a single day of trading. Otudeko's net worth has also taken a hammering as the value of his stake dropped by over 5.5% and a loss of N700 million by Honeywell Group in a single day of trading. This is the most significant loss experienced by the company since it began operations in 1985 and it may just signal the end for Oba Otudeko and the Honeywell Group.

Ah wetin we no go see for naija, a whole 75bl
Kilode na
Na this Nigerian government go lol us Las las

If Honeywell crashes many more people will be thrown out of jobs