Kemi Olaitan in Ibadan
The Odu’a Investment Company Limited, has approved the payment of cash dividend of N292 million to the South-west states of Oyo, Ondo, Osun, Ekiti, Ogun and Lagos states, who are its shareholders.
The Chairman of the group, Chief Olusola Akinwunmi, who made the disclosure at the annual general meeting (AGM) of the company held in Ibadan yesterday, also said the total sum of N1.208 billion, was paid to the shareholders in the last five years.
He said the meeting also declared the sum of N849m as profit for the financial year ended December 2018, stating that the profit represents an increase of 22 per cent over N698 million posted in 2017.
According to him, the increase in profit was as a result of the concerted efforts by both board and management to reposition the organisation, assuring the shareholders including Lagos State which is attending the AGM for the first time of the company’s commitment to strict adherence to highest standards of corporate governance and ethical leadership.
The Group Managing Director of the organisation, Mr. Adewale Raji, said improvement in its financial results were driven by disciplinary operational performance and focused efforts to transform its business models to one in which all constituent units were operating and contributing as a proper growing concern that is responsible and discharging to the expectation of shareholders and stakeholders alike.
He disclosed that an enterprise risk management framework had been adopted to insulate the group’s businesses against environmental and technological threats, stating that the company would continue to forge ahead in assimilating more private sector principles in organisational structure, benchmarks and performance measurements and develop more business models that leverage on the socio-economic competitiveness and comparative advantages of all South-western states.
On the outlook for the future, the GMD assured that the group would increase its involvement in agriculture and agribusiness to achieve its growth, profitability and sustainability targets on an inclusive basis with economic and social outcomes.