*Group Chairman says dividends of N428m payable for financial year 2023
By; BAYO AKAMO, Ibadan
The Board of Odu’a Investment Company today, declared N1.961 billion as Profit Before Tax and dividend of N428 million payable for Financial Year 2023
Group Chairman of Odu’a Investment, Otunba Bimbo Ashiru while speaking during the 42nd Annual General Meeting (AGM) of the company held at Lagos Airport Hotel, Ikeja, said that despite the economic headwinds of 2023, the conglomerate was able to achieve the modest 7% growth in operating revenue from N3.68 billion in 2022 to N3.95 billion in 2023.
Expressing satisfaction that with improved collaboration and synergy within the group and leveraging shared services, cross selling, joint marketing and astute business innovation, he said”Odu’a Investment is translating the timeless vision of the founding fathers of the company into reality by the implementation of the Group’s 5-Year Strategic Plan which aims to sweat, create and revive businesses and assets to deliver continuous growth and value to shareholders and stakeholders’.
He highlighted notable events in the year under review as the commissioning of the Phase 1 of Westlink Iconic Villa, Alakia, Ibadan comprising 67 residential units of 3-bedroom apartments, 4-bedroom and 5-bedroom duplexes; the launching of the Odua Investment Foundation and its flagship Educational Intervention Project tagged ’’Digital Education for Innovation & Economic Development (DEFINED)’’.
” Odu’a Investment also secured its first ever Credit Rating in 2023 with Agusto & Co awarding it ‘’A’’ Rating with a Stable Outlook attributed to its deft management and ’’ … good operating cashflows supported by its diversified income streams and portfolio of subsidiaries and associates’’.
The Group Managing Director/CEO of Odu’a Investment, Mr Adewale Raji while speaking commended the shareholders for the opportunity given to him to serve the company for two successive terms lasting 10 years during which the Group with their support enthroned a new corporate governance framework that depoliticized its operations, appointments and management.
Mr. Raji stressed that his review of the operating environment, Mr. Raji expressed optimism that President Bola Tinubu administration’s pursuit of a market-driven approach to resolving underlying problems of the economy will attract long-term investments into the country to fund infrastructure and social services that includes roads, rail, power, healthcare, education, etc that will translate into sustainable economic and human capital development.
Expressing confidence that under the leadership of Mr. Abdulrahman Yinusa, the incoming GMD/CEO of OICL, Me Raji said the company will deliver on the ongoing redevelopment of the hotels in the Group, new pipeline of premium residential and commercial redevelopment projects, securing viable joint venture partnerships for the agriculture portfolio, achieve
” The Group in this past ten years witnessed repositioning that was driven by her SRC – 2025 Strategy (i.e. Sweat, Revive & Create) to be a lean non-operating investment holding company focused on 8 sectors of Real Estate, Hospitality, Financial Services, Agriculture, Energy/Power, ICT/Digital, Healthcare/Pharmaceuticals and Logistics/e-Commerce.
” It is such focus on ‘’Sweating’’ that necessitated the consolidation of the entire Group real estate portfolio under our Wemabod Limited subsidiary leading to the massive redevelopment either through own resources or joint venture partnerships of our real estate portfolio to optimize yield and return.
‘’Revive’’ is manifesting in our renovation and redevelopment of Premier Hotel at Ibadan with significant progress made in both the existing building and new developments on the site with phased re-opening starting in H1 of 2025. Create’’ reflects in the significant step up in our BITA Exploration and Production Ltd marginal field (PPL 249) funding thrust to implement the Field Development Plan with our partner, Pioneer Global Energy Resources. The company expects that once these funding and regulatory requirements are met; it will be able to achieve ‘’First Oil’’ within Q1 of 2025. All these translated to remarkable success in its financial performance, corporate governance, risk management, and asset optimization across its chosen sectors.
Mr Raji noted that in real terms, OICL Profit Before Tax for 2023 actually increased by 62% to N1.772 billion from N1.092 billion in 2022 if we strip off Revaluation Gains arising from our Investment Properties portfolio in both years. He also recounted that the financial year 2023 will be the 10th consecutive year that the company will be paying dividends to Shareholders with the cumulative amount paid in this past decade amounting to N3.11 billion.
