*Chairman vows to make South West economic powerhouse, strategic partner of first choice.
By; BAYO AKAMO, Ibadan
Odu’a Investment Company Limited is to chart a new growth strategy for the next five years to increase its performance and profitability.
This was contained in a statement issued at the end of a two-day Strategy session facilitated by KPMG Advisory Services for the company’s Board of Directors, Chairmen of the Board of Subsidiaries and Chief Executive Officers of its Subsidiary Companies and the Management teamheld at the Lagos Airport Hotel, Lagos.
According to the statement, the ambitious growth plans would change the face of the organisation and that toachieve this goal, “the group is set to lead with purpose and accountability with full engagement and inclusiveness of stakeholders”.
Speaking at the retreat, Chairman of Odu’a Investment, Dr Segun Aina (OFR), charged Odu’a investment workers and stakeholders to embrace efforts towards making the company the economic powerhouse of the South-West nation and the Strategic partner of the first choice.
Dr Aina stressed that in moving the company forward, the transformation change in Odu’a Investment is mandatory and that the time has come for the Management and the staff to “imbibe the change, the desired culture and have a common purpose to drive the organization to the greater height”.
He stressed that the retreat has put in place required strategies needed to refocus, recalibrate and accelerate delivery Odu’a Investment’s desired result, and that “the board’s priorities include delivering shareholder’s value and social impact which will be based on asset optimization and efficient management of resources”.
Assuring that urgent and priority attention will be given to human capital development, digital transformation and creating joint ventures and alliances through strategic partnerships, Dr Aina tasked participants at the retreat on the need “to take the company and its subsidiaries to a level that each and everyone would be remembered for- delivering the Odu’a of our dream.”
Stating that Odu’a investment board is committed to “completion of a Corporate Governance reform in line with global best practice, recruitment of two Executive Directors and the appointment of two independent Non-Executive Directors, and looking at recruiting top individuals in the management level”, the Chairman stated that the transformation change in Odu’a Investment is mandatory hence the need for the Management and the staff to imbibe the change, the desired culture and have a common purpose to drive the organization to the greater height that will result into making Odu’a Investment Company Ltd the economic powerhouse of the South-West nation and the Strategic partner of the first choice.”
The Odu’a investment company Group Managing Director (GMD), Mr Adewale Raji while speaking said “ the retreat was a worthwhile effort for both the board and the Management to agree on a common focus in moving the company forward and achieving a quantum leap with emphasis on Growth, Profitability and Sustainability”.
The retreat articulated the building blocks for achieving the five years ambitious plan based on the strategic pillars of growth and expansion; Investment Excellence; Profitability and Efficiency; Governance and Reporting as well as People, Culture and Transformation while some of the resolutions arrived at during the retreat included ” the decision to focus investment in priority sectors of Real Estates, Energy including Oil and Gas, Hospital, Agriculture, Logistics and storage, Healthcare, ICT/Digital and Financial Services. Innovation mindset will underpin the activities of the entire group.
It also agreed to ‘sweat’ the Group’s portfolio of assets to achieve an acceptable return on assets, reducing operating recurring cost significantly, ensure effective governance framework, oversight on the group and subsidiaries and also institute culture transformation initiatives to drive operational excellence while the Group’s Vision, Mission Statement and Core Values were also revised to fit into the current restructuring and repositioning drive of the company as* “To be a world-class conglomerate” and a new Mission Statement “
*To deliver sustainable returns for all stakeholders; enhancing the legacy for future generations” .
It adopted a new Core Values of Respect; Integrity; Resilience; Innovation and Collaboration (R.I.R.I.C) as well as defined that core to achieving the aims and objectives of retreat outcomes will be active engagement of the Group’s employees to ensure staff understanding and buy-in into the new Vision, Mission Statement and Core Values to have a highly motivated workforce and enthrone a meritocratic culture to deliver on the organization’s goals and objectives.