Barbican Capital, our financial services affiliate was established to deploy capital within Africa’s financial services sector through strategic and impactful investments. Building on Honeywell Group's 50-year legacy, Barbican Capital is rooted in the values of Agility, Stewardship, Excellence, Boldness, and Collaboration. With these values in mind, we will ensure a trajectory of superior performance with our approach guided by a goal to deliver enduring value for all our stakeholders. 

With an anchor investment in FBN Holdings (FBNH), Barbican Capital holds a 15.1 % stake in Africa’s premier financial services holding company.

Ambition

Barbican Capital seeks to be more than an investment firm – it's a catalyst for growth. Driven by an exceptional leadership team, extensive industry experience, network, and unwavering commitment to excellence, Barbican provides strategic direction and insights to drive value creation in its investee companies. Following the long-standing philosophy of the Group as a patient investor, Barbican works closely with stakeholders with a shared vision to foster the creation and enhancement of value for all. We are ambitious for our portfolio, and for the continent. 

A Long Tradition of Investing in Financial Services

With a long tradition of investing in financial services across Africa, we have played a significant role in the sector through various companies. We have a history of investing in, transforming to create value, and divesting from companies in the sector, as evidenced by our investments in Ecobank Transnational Inc (which we have since exited) and stakes in pensions and investment banking companies. Our track record underscores our belief that an efficient and thriving financial services sector is key to economic growth and development.

Anchor Investment - FBN Holdings

With his background as a banker and one of the earliest qualified “professional bankers” in Nigeria, HGL’s Chairman, Oba Otudeko, recognised the value in First Bank and saw the potential for transformation and growth, leading him in 1994 to invest in the newly privatised bank. That initial investment during the government’s privatisation drive of the early 90s started a journey that saw him grow the investment and subsequently join the First Bank Board in 1997, before becoming the Board Chairman in 2010. Otudeko’s most recent appointment was Chair of the FBN Holdings Board in 2012, a position he held until 2021.

During his tenure, he played a leading role in the bank’s transformation from a strong historical Nigerian financial institution into a modern pan-African financial services powerhouse. This leadership led to the bank’s international expansion, first by establishing a wholly owned subsidiary in the UK with FBNBank UK, where Otudeko served as its first Chairman, and subsequent expansion through acquisition that saw it grow its sub-Saharan African footprint in Democratic Republic of Congo, Ghana, Senegal, Sierra Leone, Guinea, and the Gambia.

Given its diverse operations in the financial services industry, with widespread service outlets, FBN Holdings remains a compelling investment, and we consider its journey to becoming one of Africa’s financial services champion as having only just begun.

Leadership at its Finest

This Barbican team is guided by the visionary leadership of Honeywell Group's Founder and Chairman, Oba Otudeko, CFR. Known for his nearly 60-year track record of excellence as a banker, businessman, and transformational leader, he has served on the boards of several prominent banks, including Nigeria’s apex bank, the Central Bank of Nigeria, Ecobank Transnational Incorporated, First Bank of Nigeria, and FBN Holdings.

Barbican Capital's team has over 150 years of combined experience in various professional qualifications and sectors. This international team has more than 60 years of active banking experience with leading international firms including Dresdner Kleinwort Wasserstein, Standard Chartered, Standard Bank, and Deutsche Bank; 50 years of professional accounting experience (including with PricewaterhouseCoopers and Baker Tilly); and 60 years of legal experience (including with Bentley Edu & Co, Aelex, and Banwo and Ighodalo). This breadth and depth of experience is brought to bear in our investment activities. strategy.

The team is led by Obafemi Otudeko, Director, a seasoned investment professional with over 25 years of experience. He has spearheaded numerous strategic investments and transactions for Honeywell Group. Prior to joining Honeywell Group, he provided assurance and business advisory services across various industries, including to many leading financial institutions. The team includes:

Foluke Oyeleye, Director, a distinguished business leader with over 25 years of experience in corporate governance across various sectors, including telecommunications and financial services. Her expertise and leadership have been instrumental in driving growth in the sector. She is also a seasoned stockbroker and capital market professional. She serves as a Non-Executive Director on the board of the NGX Limited (formerly the Nigerian Stock Exchange).

Otu Hughes, CIO, who oversees Barbican Capital's investments, brings over 25 years of specialised experience in strategy, principal investing, mergers and acquisitions, and capital raising across the United States and sub-Saharan Africa.

Andrew Smith-Maxwell, Senior Adviser, who provides strategic advisory in corporate finance, leverages his extensive global investment banking experience to provide strategic direction to the group.

Oluwayemisi Busari, Senior Adviser, whose multifaceted expertise in commercial law, deal advisory, project finance, and corporate governance adds significant value to Barbican Capital's strategic growth, legal risk mitigation, and stakeholder engagement.

The leadership team is supported by professionals with experience across financial services, including banking, asset management, and pensions, providing critical insights for the growth of the company.

Commitment to Value Creation 

Investors have long trusted Honeywell Group's investment direction and business acumen, and Barbican Capital is poised to continue this legacy of wealth creation and enduring value. With its strong foundation, strategic vision, and exceptional leadership, Barbican Capital is well-positioned to deliver exceptional results to its stakeholders, whilst having a positive impact on the wider African business landscape.