Odu’a Investment Group Leaders Restate Commitment to Strengthen Corporate Governance, Infrastructural Devt, Youth Employment, Transformation

Sunday Okobi

The leadership of Odu’a Investment Company Limited (OICL) yesterday expressed commitment to strengthen the corporate governance, empower youths in the South-west through employment, and transform the company to the original ideals of the founding fathers.

The promises were made yesterday at the annual meeting of directors of the Odu’a Group, held at the Lagos Airport Hotel, Ikeja.

In his opening address, Group Chairman, Odu’a Investment Company Limited, Otunba ‘Bimbo Ashiru, said the Odu’a Group Annual Directors Meeting was a crucial gathering of minds, “because today reflects our collective commitment to strengthening corporate governance, driving strategic transformation, and securing a sustainable future for our great Odu’a Group”.

Ashiru announced that “our Agusto Ratings for Wemabod and OICL, A and A+, respectively. We anticipate stronger Agusto ratings in 2025 that will further enhance our investment appeal”.

While appreciating the dedication and expertise the directors had brought to our group, Ashiru stated, “I extend my sincere gratitude for your unwavering support in advancing our shared vision.”

Ashiru added, “As we navigate the complexities of today’s economic landscape, strong governance remains the bedrock of our success. My meeting with subsidiary chairmen on September 8, 2024, underscored our collective drive to reinforce corporate governance and strategic alignment.

“The role of our boards in shaping the future of Odua Group cannot be overstated, therefore, the need to bring together all the directors in the Odu’a Group to this annual meeting.

“We are also actively ensuring sustainable leadership succession. Key initiatives, such as the tenure review of subsidiary MDs, job evaluations, and competency assessments, are already in motion to guarantee leadership effectiveness across our subsidiaries. This is essential for the long-term sustainability and growth of our group.”

On the legacy and infrastructure development of the group, the chairman stated, “This year marks a significant milestone for us – Cocoa House (in Ibadan) at 60! The celebrations and stakeholder engagements are already in planning, and we look forward to showcasing this historic landmark’s continued relevance in our business portfolio.

“Additionally, the successful inauguration of the Cocoa House Enhancement project on October 30, 2024, stands as a testament to our commitment to preserving and enhancing our heritage assets.

“We have also ventured into real estate, so our sole aim for all these is to create employment for our youths – this is our focus, which was originally the focus of our forefathers who founded this company. Also, our aim is to encourage the youths through our foundation as well as our ICT project. Want our youths to be busy and creative.

“Another major project in our infrastructure development strategy is the Premier Hotel Redevelopment in Ibadan, which is progressing steadily. With 25 months of work already completed, we are on course for a grand reopening in Q2 2026.”

Ashiru stated, “Our collaboration with the DAWN Commission is creating new opportunities for regional economic integration, while our alliance with Iwosan Hospital Investment Limited is paving the way for the establishment of Medical Parks, enhancing healthcare infrastructure in our region.

“Additionally, we are repurposing the Epe Plywood premises into a strategic property investment to maximise asset utilisation. In the energy sector, our BITA Exploration initiative is gaining traction, and we are actively working towards securing funding for first oil in 2025.

“These efforts align with our broader objective of diversifying and strengthening Odu’a Group’s investment portfolio.”

Ashiru said, “Our financial health remains a top priority. We have recorded significant and consistent revenue growth, improved profitability, and exercised greater cost management across the group.

“Our transformation journey in the SRC 2025 has been guided by a steadfast commitment to corporate governance, strategic growth, and operational excellence. One of the most notable outcomes of this journey is our ability to deliver unbroken dividend payments to our shareholder states for the past 11 years, as well as a significant increase in revenue and profit before tax (PBT). These achievements are testaments to the effectiveness of our strategic initiatives and the dedication of our leadership team.

“We appreciate our shareholders (Lagos State Government) on the resolution of the N1.2 billion LASSPPA fee, with an approval of concession by the Lagos State governor to pay N312 million as full and final payment for construction permits for 13 OICL properties in Lagos State.

“Additionally, our portfolio rebalancing efforts, including strategic real estate disposals, are geared towards enhancing liquidity and financial sustainability.

“In a forward-looking move, we have also acquired 8,716 acres of land near Premier Hotel from Oyo State Government and renewal of lease of 6.067 hectares BCGA Apata property for another 99 years retrospect to 2013 as part of our land banking initiative.

“Special thanks goes to the governor of Oyo State for granting concessions on premium fees payable on each property.”

On expectations from the directors and future achievements, Ashiru said, “As we forge ahead, I urge all our directors to remain steadfast in upholding strong governance principles and financial discipline. Our shared responsibility is to ensure that our subsidiaries perform optimally and contribute effectively to the growth of Odua Investment Company Limited.

“Looking ahead, our focus must be on strengthening governance frameworks to drive operational efficiency; reinforcing financial discipline to secure sustainable growth, and positioning Odua Group for greater regional and national impact.

“We are at a defining moment in our history. The decisions we make today will shape the future of Odu’a Group for generations to come. I am confident that, with your continued dedication and expertise, we will achieve new heights of success.”

In his remarks, Group Managing Director of Odua Investment Company Limited, Yinusa Abdurahman, disclosed that their biggest achievement, “in my view, is continuity, as we expect everyone to be part of the chain. What we met was a company that wasn’t doing too good, but in the last five years, a new strategy was put in place to strengthen the ones we met; revive the ones that are not doing well, and to create new ones. These are all we have done”.

He said the meeting was a coming together of all directors of the Odu’a group, serving in different capacity (in holding companies or any of the subsidiaries) to present their progress report and success story.

Abdurahman said, “On that, you are serving on what we call associate companies. We have many directors representing our interest in many companies where we do not own high stake. So as long as you are in this meeting, you must have an idea on where we are going, as everyone will pull in the same direction. This meeting is to ensure that we are all going together to go very far.”

Former Chairman, OICL (from Ogun State), Mrs. Iyabo Apampa, expressed delight at the state of affairs in the company.

Apampa said, “When I look at the OICL, I have to thank God for what is going on in the company. For this company to be in existence today is by God’s grace and we have to thank God and all the Yoruba leaders. Because when Odu’a Group was established, similar companies were also established in other regions (North and the East), but it is only Odu’a that is in existence today, even when they tried to kill it (the other two had died). But today, we thank God and our leaders for keeping it in existence.”

She said the new management team had been doing a fantastic job because there have been a lot of improvements on Odu’a Group, “so they should stay focused and stick to the objectives of the founding fathers.”