Odu’a Investment Company Limited (OICL), that veritable vehicle and guide to strategic economic future of South-West Nigeria outside the government, is at it again. This vibrant conglomerate has built a reputation over the years and has brought life to the economy of the Southwest Region in unprecedented ways. It is not about to stop and this desire to continue on the trajectory of shaping the economic prosperity of the people was re-emphasised recently by the handlers of the company.
At a media event recently, the Board and Management of OICL restated their desire not just to sustain the growth and vitality of the company but to further enhance it. They disclosed an ambitious strategic roadmap to further lift the company by improving on its investments in key sectors such as oil and gas, agriculture and agribusiness; real estate, hospitality and ICT/AI among others.
The quest by the leadership of OICL to further enhance and grow the company has a basis: OICL in recent years has recorded a string of considerable successes in its investments and through its subsidiaries. Following these vivid achievements, which include unbroken 11 years of dividend payment to its shareholders, strong financial growth and thriving ventures, OICL launched a five-year strategy themed: Sweat, Revive, and Create (SRC 20250 geared towards optimising its assets, creating new opportunities in emerging sectors and expanding its investments for enhanced growth.
The Chairman of the Board of OICL, Otunba Bimbo Ashiru, who addressed newsmen in company with the Group Managing Director of Odu’a Investment, Mr. Abdulrahman Yinusa, spoke of the successes achieved by the Board and Management and also outlined the plans laid out by the company for its enhanced and sustainable development. He announced plans designed to accelerate the company’s ongoing transformation with an ambitious roadmap that touches on all the key sectors of the company’s interests.
The Group Managing Director, Mr. Abdulrahman Yinusa, noted that “the year 2024 was one of outstanding performance for OICL,” saying “we recorded a remarkable increase in revenue and growth in profit.
He said: “As we look ahead, we are in the final stages of crafting the Strategic Plan 2026-2030, which will build on the successes of our ongoing 2021-2025 Strategic Plan. A key focus is leveraging technology to drive innovation and improve operational efficiencies across our subsidiaries.”
The company recognises the importance of first impressions and therefore transformed its corporate environment and work area. This informed Project Enhance geared towards the renovation of key parts of the building. Enhanced outlook of its workspace also keys into OICL’s vision of being a world class conglomerate. In addition to the beautiful and comfortable workspace of the 21st floor, the company also transformed the environment of the legendary Cocoa House, its corporate headquarters, into an alluring cynosure. The car park and reception are now modern. This is to further enhance the drive to achieve its vision, and deliver on its mission to deliver sustainable returns to all stakeholders while also enhancing the legacy for future generations. Otunba Ashiru expressed delight that the company had achieved remarkable successes and also told of his pride in the company’s resilience and adaptability in its journey since it was incorporated in 1976. He highlighted competent corporate governance and operational excellence as the anchors of the company’s growth.
Meanwhile, Cocoa House which Ashiru described as “a symbol of the region’s economic resilience,” will clock 60 years this year.
Ashiru however didn’t forget the foundations of the current success, saying “the heritage of the past is the seed that brings forth the harvest of the future.” To build on the heritage and ensure sustainability, the SRC was conceived. SRC, he explained was focussed on three key pillars: “Sweating existing assets to maximize returns; Reviving struggling but viable businesses, and Creating new ventures in sectors that align with Nigeria’s economic trajectory.” He noted that “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.”
OICL Chairman added: “Our transformation journey 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.
“Our diversification efforts have been a major driver of our success. OICL has made strategic inroads into agribusiness, upstream oil and gas, innovation and 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.
“Furthermore, our 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 independent credit rating by Agusto & Co. for the first time in 2023, achieving an “A” rating with a stable outlook.”
The ‘A’ rating notwithstanding, OICL didn’t yield in its drive to greater profitability while maintaining excellence in its vision in business initiatives and investment. Soon after the company attained another major milestone as its credit rating was upgraded from ‘A’ rating by Agusto & Co. to “A+” in 2024. This further testifies to the company’s strong financial health and robust corporate governance practices.
Then, there is the innovative Odu’a Investment Foundation. The foundation under the Chairmanship of Ambassador Dr. Olatokunbo Awolowo Dosumu launched its unique DEFINED project. DEFINED is Digital Education for Innovation and Economic Development. Launched in 2023 for primary and secondary schools across the South West states, Ashiru said the initiative was “created to make computing accessible to young minds, aiming to dispel the myth that technology is inherently difficult by providing students in public secondary schools with hands-on experience in coding, and essential computer skills.”
He said one major activity of the DEFINED Project was its “Byte Busters after-school Coding Club.” The club, he said “has over 1,000 club members with 662 fully on-boarded participants, spread across six local government areas in Oyo, Osun, Ogun, and Ekiti states.” The initiative, Ashiru hinted would expand to all 137 local government areas of South West Nigeria in the near future.
This isn’t far from the investment of OICL in the digital technology space through South West Innovation and Technology Limited (SWIT). This OICL subsidiary is driving tech-focused investments and, looking ahead as the world goes deeper into tech and AI. “Looking ahead, our focus remains on positioning OICL for long-term success. 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,” Ashiru affirmed.
Another forward-looking step by OICL is its move to strengthen its feet in the hospitality sector. To pursue this passion, Odu’s Investment launched Project Rebirth which was well-received by its shareholders. Project Rebirth is aimed at reviving, re-modelling, re-developing, and re-positioning of hotels like Lagos Airport Hotel, Ikeja; Premier Hotel, Mokola, Ibadan, and Lafia Hotel, Apata, Ibadan owned by OICL. For the necessary expertise, OICL entered into joint-venture partnerships with firms that have comparative expertise in hotel business. “This will enable credible and experienced hotel brands to develop these assets, creating immense and sustainable value for shareholders and stakeholders.”
For instance, Premier Hotel is currently undergoing this transformation and is in advanced stage of an extensive re-development. Ashiru explained that “Premier Hotel, Ibadan is doubling its rooms and suites while enhancing its restaurant and banqueting facilities to establish it as a premier meeting, incentives, conferences and exhibitions (MICE) destination.
“The redevelopment will increase the hotel’s rooms from 87 to 154. 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.”
In the real estate sector, OICL has wisely handed the management of all its properties to Wemabod Limited. Following this, Wemabod has emerged not just as one of Nigeria’s largest players among Nigerian property companies, but one with some of the choicest properties around. “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,” Ashiru revealed.
Odu’a Investment now has a hand in oil and gas with efforts to raise funds for BITA Marginal Oil Field’s development. “Additionally, 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.”
Odu’a Investment also has Iwosan, through which it 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.” It also has South West Agricultural Company Limited (SWAgCo) which is spearheading investments in agribusiness to drive food security and economic growth in the region.
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