Odu’a Investment Company Limited to Improve Shareholder’s Return in 42nd AGM

Odu'a Investment Company Limited's board and management have announced that they will continue their excellent work to ensure investors get the best returns.

The company announced this during the Group's 42nd Annual General Meeting (AGM) on Wednesday, May 2, 2023, in Lagos at the Oranmiyan Hall, Lagos Airport Hotel Limited, Ikeja.

The AGM had representatives from six (six) southwest shareholder states. The secretaries to the state governments (SSGs) of Oyo, Ondo, Ogun, Osun, Ekiti, and Lagos State were there to represent them at the meeting.

During the board meeting, various resolutions were approved, including the payment of N428 million in dividends for the results of the 2023 fiscal year. 

Before then, it was announced that OICL would present its annual report and financial statements for the FY ending December 31, 2023, at the 42nd AGM. It will also give information on progress in positioning the company for growth across its target investment areas and actions taken to define the trajectory for the company and associated companies for the next decade, as reported.

Also, at the AGM, Odu'a Investment Group Chairman Bimbo Ashiru reported a 7% increase in operating revenue, from N3.68 billion in 2022 to N3.95 billion in 2023. He added that despite the economic difficulties in 2023, the company continued to perform well, posting a profit before taxes of N1.96 billion.

He expressed satisfaction that Odu'a Investment is bringing the company's founders' timeless vision to life by implementing the Group's 5-Year Strategic Plan. The plan aims to sweat, create, and revive businesses and assets to deliver continuous growth and value to shareholders and stakeholders. It leverages shared services, cross-selling, joint marketing, and astute business innovation, THISDAYLIVE reports.

In his report, the Group Managing Director/CEO, Mr. Adewale Raji, expressed gratitude to all the valued shareholders for the chance to serve the company for two consecutive terms totaling ten years. During this time, the Group implemented a new corporate governance framework with their support, depoliticizing its management, appointments, and operations. Mr. Raji will officially retire on May 31, 2024.

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Raji said the Group has been repositioned over the last ten years due to her SRC – 2025 Strategy, or Sweat, Revive, & Create. It is now a lean, non-operating investment holding company concentrating on eight industries: real estate, hospitality, financial services, agriculture, energy and power, ICT and digital, healthcare and pharmaceuticals, and logistics and e-commerce.  The emphasis on "sweating" made it necessary to consolidate the Group's entire real estate portfolio under Wemabod Limited. This resulted in a significant redevelopment of our real estate portfolio, using our resources or joint venture partnerships to maximise yield and return.

In January, we reported that Odu'a Investment Company Limited was planning to list on the Nigerian Exchange. Bimbo Ashiru, the firm's chairman, announced this development at the closing-gong ceremony on the exchange floor.

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Ashiru said that the group is looking at its subsidiaries as it is considering listing one of them on the Exchange.

He said in part, 

We have a new Holdco, which is why we are here. We believe that teeming investors will be willing to partner with us. We are eager to be part of you and be partners in progress.

Any investor desires the security of their fund at any point in time, and one of the companies we believe can give them that security is Odu'a Investment. We are into real estate, energy, hospitality, and financial services. We are like a one-stop shop. We want to be a world-class conglomerate, and to do that, you must bring everybody on board.