Get Guardian on GoogleHoneywell Group Limited (HGL) has received the Generational Excellence in Business Award for its successful transition across three generations and sustained value creation.
The award was presented at the 2026 Family Business Leadership Awards held in Lagos, during the Family Business Summit organised by BusinessDay in partnership with PwC Nigeria. Since formalising its operations in 1972, HGL has evolved from a trading business across West Africa into an investment holding company with interests spanning multiple sectors of the economy.
Non-Executive Director, Foluke Oyeleye and Chief Operating Officer Tomi Otudeko received the award on behalf of the Group.
Reflecting on the recognition, Otudeko said the business began three generations ago with her grandmother before her father formalised its operations in 1972.
Oyeleye dedicated the award to her parents, attributing the Group’s journey to God’s grace and acknowledging the contributions of its employees and family members.
Oyeleye participated in the NextGen Spotlight Session, where she discussed how fresh perspectives could strengthen lessons from previous generations. Drawing on her experience outside the family business and her role in the team that championed HGL’s investment in Econet, she highlighted the importance of combining inherited wisdom with new ideas to sustain businesses across generations.
The recognition comes amid family-owned businesses’ significant contribution to Nigeria’s economy.
Findings presented by PwC Nigeria at the 2024 Family Business Summit indicated that family businesses 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 more than five decades of business evolution, from its formalisation in 1972 to its emergence as an investment holding company, as it continues to build businesses and create enduring value for future generations.
