Bold Reforms Reshaping O’dua Investment

 The ongoing revitalisation of O’dua Investment Company Limited through strategic leadership, aggressive investment in high-impact sectors, and an unyielding commitment to excellence would ultimately steer the member-states back toward economic dominance, writes Festus Akanbi

T

he story of O’dua Investment Company Limited is that of a glorious business empire which at the peak of its performance, made the old South-west region, an envy of other regions of the country.

However, frequent changes in board and management which in some cases were brought about by corresponding political change in the South-west, nearly brought the conglomerate to its knees until recently.

 Indeed, O’dua Investment Company Limited once stood on the brink of collapse, plagued by years of mismanagement, political interference, dwindling revenue, and a lack of strategic direction. Once a thriving symbol of regional economic strength, the conglomerate faced a crippling decline as corruption, bureaucratic inefficiencies and leadership instability eroded its foundation. Its vast portfolio, spanning real estate, agriculture, and industry, suffered from neglect, outdated business models, and poor investment decisions, leading to massive financial losses.

 Internal wrangling among the shareholder states further deepened the crisis, stalling growth and threatening its very existence.

As competitors surged ahead with innovation and modernisation, O’dua struggled under the weight of stagnation and irrelevance.

However, against all odds, the company fought to reclaim its lost glory, embarking on bold reforms that would ultimately steer it back toward economic dominance.

Revitalisation

Today, the conglomerate is being revitalised through strategic leadership, aggressive investment in high-impact sectors, and an unyielding commitment to excellence.

This was the opening statement of the Group Chairman of the company, Otunba Bimbo Ashiru, who led other members of the board at a media parley, at the headquarters of the company at the famous Cocoa House building, Ibadan last Thursday.

Ashiru explained that by harnessing the vast economic potential of the Southwest, O’dua has redefined regional prosperity through its bold ventures in agriculture, real estate, finance, hospitality, and industrialisation.

According to him, the company’s unwavering focus on innovation, partnerships, and infrastructure development has unlocked unprecedented opportunities, fostering job creation, wealth generation, and sustainable development.

“Today, O’dua Investment stands as a beacon of economic sovereignty, driving the renaissance of the Yoruba heartland and restoring its legacy as a formidable economic force in Nigeria and beyond.”

He explained that the company’s transformation journey has been guided by a steadfast commitment to corporate governance, strategic growth, and operational excellence, pointing out that one of the most notable outcomes of this journey is the ability to deliver unbroken dividend payments to its shareholder states for the past 11 years, as well as a significant increase in revenue and profit before tax (PBT).

He said: “These achievements are testaments to the effectiveness of our strategic initiatives and the dedication of our leadership team.

“In 2020, we launched an ambitious five-year strategic plan, SRC 2025 (Sweat, Revive, and Create), aimed at optimising our portfolio and ensuring sustainable growth. The plan focuses on three key pillars: sweating existing assets to maximise returns, reviving struggling but viable businesses, and creating new ventures in sectors that align with Nigeria’s economic trajectory. This approach has enabled us to redefine our core businesses, shifting from a traditional investment strategy to a dynamic model that fosters growth across key economic sectors,” he said.

Laying bare the company’s diversification efforts, Ashiru disclosed that O’dua Investment Company Limited has made strategic inroads into agribusiness, upstream oil and gas, innovation & technology, and other key sectors, leveraging partnerships that enhance our competitiveness.

“These initiatives have positioned OICL as an attractive investment destination for international investors seeking credible opportunities in Nigeria,” he said.

Restructuring

Unlike in the past when the company was gasping for breath under the yoke of a long list of unviable subsidiaries, Ashiru explained that the transformation efforts have restructured OICL into a lean, non-operating holding company, eliminating redundancies and bureaucracy while fostering a culture of accountability and transparency. “In line with this, we subjected ourselves to an independent credit rating by Agusto & Co. for the first time in 2023, achieving an “A” rating with a stable outlook.

“I am pleased to mention that this rating was further upgraded to “A+” in 2024—a reflection of our sound corporate governance and strong financial performance,” he added.

Hotel and Hospitality Business

Speaking on the passion to transform OICL’s hospitality business, the Group Chairman talked about Project Rebirth, which he said was conceived and received shareholder approval to remodel, redevelop, and reposition OICL’s hotels—including Lagos Airport Hotel, Premier Hotel, and Lafia Hotel—through joint venture partnerships. This, he said, will enable credible and experienced hotel brands to develop these assets, creating immense and sustainable value for shareholders and stakeholders.

Unveiling the plans for Premier Hotel, Ibadan, he disclosed that the hotel is currently undergoing redevelopment, doubling its rooms and suites while enhancing its restaurant and banqueting facilities to establish it as a premier Meetings, Incentives, Conferences, and Exhibitions (MICE) destination. The redevelopment, according to him, will increase the hotel’s room count from 87 to 154. Journalists and guests were later conducted around the hotel which the contractor said has reached 70 per cent completion.

He disclosed that plans are also underway for Lagos Airport Hotel, Ikeja, to be transformed into a multi-use commercial, residential, and entertainment hub, similar to Eko Hotels and Landmark Village.

“The redevelopment project is progressing, and we expect to commence work in the short to medium term, positioning the site as one of Nigeria’s largest real estate and hospitality projects,” he stated.

Real Estate Portfolio

According to the chairman, OICL has repositioned its real estate portfolio by transitioning the management of all its properties to Wemabod Limited, making it one of Nigeria’s largest property management companies.  He pointed out that Wemabod obtained an A- rating from Agusto & Co. in 2023 and has leveraged this rating to secure funding for key projects. These include Westlink-Iconic Villa (Ibadan), Westlink Aurora (Ikeja GRA), Unity House (Marina), and Sugarland Lekki. Several of these projects are expected to be completed in 2025.

Oil and Gas, Power

He disclosed further that efforts are underway to raise funding for the BITA Marginal Oil Field’s development, to achieve First Oil once regulatory approvals and financing are secured. He added that following recent power sector reforms, Odu’a Investment is actively exploring partnerships to participate across the electricity value chain, aiming to enhance energy access and economic growth in Southwest Nigeria.

Cocoa House Enhancement

As the symbol of the region’s agricultural enterprise, the Cocoa House building also received special attention from the company. According to Ashiru “Cocoa House, a symbol of our region’s economic resilience, will celebrate its 60th anniversary this year. OICL has embarked on Project Enhance, renovating key areas such as the 21st floor, reception, and car park.”

He said these efforts mark the beginning of a broader modernisation strategy for this historic landmark.

The company through a partnership with Iwosan, is supporting the development of a new Medical Park to deliver world-class healthcare and reduce medical tourism, ensuring Nigerians have access to high-quality medical services locally. Similarly, through

South West Agricultural Company Limited (SWAgCo), the company is spearheading investments in agribusiness to drive food security and economic growth in the region.

Ashiru explained that the focus of the current board remains on positioning OICL for long-term success, adding that innovation, sustainability, and strategic growth will continue to drive our operations. “We firmly believe that the actions we take today will serve as the foundation for a more prosperous and dynamic future for OICL and the entire Southwest region,” he concluded.

Speaking at the occasion, the Group Managing Director of the company, Mr. Abdulrahman Yinusa listed the agenda for 2025 to include, the acceleration of the ongoing Premier Hotel redevelopment towards its opening for business before the end of the first half of 2026 and upgrading of Lagos Airport Hotel room amenities.

The list includes the completion of OICL’S ongoing property redevelopments and continuing to push forward with its new pipeline projects in the real estate sector.

OICL, according to Yinusa also plans to carry out mechanised farming of cassava, maize, and soybean, agric. Commodity trading, beef and dairy production by SWAgCo at different locations across Southwest.

There is also a plan to strengthen partnerships with private and public sector stakeholders to scale impactful initiatives.

Related Articles