…to craft new five-year strategic plans for growth, business expansion
Odu’a Investment Company Limited (OICL) has announced a dividend payout of N518 million to its shareholders for the 2024 financial year, representing a 21 percent increase over the N428 million declared in 2023.
Bimbo Ashiru, group chairman addressing shareholders during the conglomerate’s 43rd Annual General Meeting (AGM) held in Lagos disclosed that the company since 2013 has returned N3.63 billion in cumulative dividends to its six shareholder states.
The meeting which saw the consideration and approval of the Audited Financial Statements for the year ended December 31, 2024, alongside the reports of the Board and External Auditors, Ashiru stated that despite a turbulent macroeconomic environment characterized by record inflation, exchange rate volatility, and high energy costs, Odu’a posted an 81 percent revenue growth, with operating revenue climbing from N3.95 billion in 2023 to N7.15 billion in 2024.
The group, owned by the six states of Southwest Nigeria-Oyo. Ogun, Ondo, Ekiti, Osun and Lagos also recorded a total comprehensive income of N82.26 billion, a staggering 773% increase from N9.23 billion in the previous year.
This figure includes N80.58 billion in non-cash fair value gains from revaluation of the Group’s equity investment portfolio.
However, Profit Before Tax (excluding fair value gains) declined to ₦1.78 billion, reflecting the impact of inflationary pressures and strategic reinvestments across subsidiaries.
The company, he pointed out, implemented key cultural and performance reforms, including a Group-wide Culture Assessment, the rollout of a performance-based incentive scheme, and the establishment of a shared services liaison office at Western House, Lagos.
“We implemented initiatives aimed at improving collaboration between entities within the group and enhanced the subsidiary performance management process.
He revealed that during the year under review, the group underwent key leadership transitions, notably the appointment of Abdulrahman Yinusa as Group managing director/CEO effective June 1, 2024, following the retirement of Adewale Raji.
Other appointments include Olayemi Ajao as Executive Director, Investments & Business Development, and Lai Oriowo as Non-Executive Director.
“The board expressed appreciation to former executives, especially Segun Aina, and Adewale Raji, for their outstanding contributions to the Group’s legacy.
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The group chairman however said that “we believe that the business will deliver good performance in year 2025, we see growth in dividends and other investment income, and expect the business to experience significant growth in income from its property portfolio, at the end of 2025, we will develop the strategy for the next five year leveraging the core aspects of the core strategy.
Yinusa said 2024 was defined by sustained macroeconomic volatility. Inflation peaked at 34.8% in December, while Nigeria recorded a real GDP growth of 3.4%, supported by the services sector.
The Central Bank’s tightening cycle pushed interest rates to multi-year highs, pressuring corporate margins. Nevertheless, Odu’a Investment maintained disciplined execution of its “Sweat, Revive and Create (SRC)” strategy, which guided its resilience across its five strategic business pillars.
“The year 2024 also marked the closing phase of the Group’s 2021–2025 Strategic Plan. But Odu’a is poised to unveil a new five-year strategy at the end of 2025, building on its achievements and repositioning for the next growth cycle.
The Group projects increased income from its real estate portfolio, rising investment returns, and accelerated impact from its technology, agribusiness, and oil ventures.
“The Board and Management reaffirmed their commitment to building a world-class conglomerate that delivers sustainable economic and social value to the Southwest region.
“We are proud of the legacy we are building at Odu’a Investment and remain committed to creating sustainable value for our owners—the Governments and people of the Southwest—and for future generations,” he said.
He revealed that construction has reached advanced stages at the Premier Hotel Ibadan saying “the redeveloped hotel is expected to be reopened by Q2 2026. Upon re-opening, the 154 rooms hotel which is equipped with modern conferencing, and other hospitality facilities is expected to be the prime MICE (Meetings, Incentives, Conventions & Exhibitions) location in Ibadan.
“We have also commenced the redevelopment process for Lagos Airport Hotel, Ikeja and plan is to develop it into a mixed-use real estate and hospitality location. We expect it to be one of the largest hospitality and entertainment projects in the Ikeja area over the next four to five years.
He pointed out that South West Agricultural Company Limited (SWAgCo), is being repositioned to focus on the establishment of agro-industrial hubs across Southwest Nigeria.
According to him, the hubs will facilitate agro industrialization and contribute to food security within the region while enabling the growth of several Agric enterprises.
“As part of the pilot phase, the business has developed a robust cassava and grain cultivation program in Ogun and Ekiti states. It is also working with partners to provide cluster / aggregation support, mechanisation, and attract investment for the development of different commodity value chains across the South West region.
The GMD said BITA Exploration and Production company Limited has overcome its initial hurdles in the development of the BITA Marginal Field.
“With the regulatory approval provided for the Field Development Plan and negotiations in progress with funding partners, the next phase of the plan is to complete the transaction to fund well re-entry and subsequently oil production is at advanced stages and first oil is expected next year.
