Otunba Bimbo Ashiru: Revolutionizing Odu’a Investment Company Limited, A Cursory Look Into The Journey
Since his appointment as Chairman of Odu’a Investment Company Limited (OICL) in June 2022, Otunba Bimbo Ashiru has exemplified visionary leadership, steering the company through transformative milestones that have redefined its trajectory.
With a steadfast commitment to excellence, Ashiru has orchestrated groundbreaking initiatives across sectors, solidifying OICL’s position as a linchpin of economic development in Nigeria’s South-West region. Taking you on a voyage, let delve into the strategic achievement so far, viz;
Venturing into Oil and Gas: A Strategic Expansion
One of Ashiru’s early and audacious moves was OICL’s foray into upstream oil exploration. Shortly after assuming office, he led the management team in securing the license for the BITA Marginal Field (PPL 249) through Bita Exploration & Production Company Limited (BEPL), a joint venture with Pioneer Global & Resources Limited.
This venture not only symbolizes OICL’s bold entry into Nigeria’s energy sector but also proofs Ashiru’s resolve to diversify the company’s portfolio. By tapping into the energy industry, OICL has taken a decisive step towards bolstering its revenue streams and contributing to the nation’s energy security.
Transforming Real Estate: Meeting Modern Housing Needs
Recognizing the burgeoning demand for contemporary housing, Ashiru has championed several real estate projects under OICL’s banner:
Westlink Iconic Villa, Ibadan: In February 2023, the first phase of this ambitious project, comprising 67 residential units, was unveiled. This initiative, in collaboration with Chapter 4 Estates Ltd, offers state-of-the-art housing solutions tailored for urban dwellers.
Westlink Supremacy Court, Lagos: Situated at Ikeja GRA, this development features 20 premium housing units equipped with luxurious amenities, including a swimming pool, gym, and round-the-clock power supply, elevating the standards of urban living.
West Heritage Court, Lagos: Located in Palmgrove, this estate consists of 12 modern three-bedroom flats designed to provide comfort and functionality for Lagos residents.
Westlink Clinton’s Court, Ibadan: A serene estate at Iyaganku, this project offers 16 exquisite housing units, each with four bedrooms and a boys’ quarters, blending luxury with tranquility.
Hospitality Reimagined: Premier Hotel’s Renaissance
Ashiru has also turned his attention to OICL’s hospitality assets, spearheading the redevelopment of Premier Hotel, Ibadan. Beginning in January 2023, the remodeling project aims to transform the iconic hotel into a 150-room, five-star establishment replete with cutting-edge amenities. This initiative not only reflects OICL’s commitment to raising hospitality standards but also positions the hotel as a premier destination in the region.
Agriculture as a Cornerstone: SWAgCO’s Promise
Acknowledging the pivotal role of agriculture in national development, Ashiru facilitated the establishment of the South West Agricultural Company (SWAgCO Ltd). This strategic move aims to revitalize underutilized farmlands across Western Nigeria, unlocking value in agribusiness while fostering food security and economic empowerment.
Youth Development and Education: A Legacy in the Making
Demonstrating an acute sense of social responsibility, Ashiru announced plans for the Odu’a Investment Foundation, an initiative focused on youth empowerment, education, and skill acquisition. By nurturing the next generation of leaders, this foundation seeks to rejuvenate educational standards and equip young people with the tools to thrive in an ever-changing world.
The Leap Towards Public Listing: A Bold Statement
In January 2024, Ashiru announced OICL’s intention to list on the Nigerian Exchange Limited (NGX). This historic decision reflects a paradigm shift in OICL’s operational strategy. By opening its doors to public investment, the company aims to enhance transparency, strengthen corporate governance, and access a broader capital base.
During a symbolic closing gong ceremony at the NGX, Ashiru articulated his vision: “We are willing to be part of this prestigious institution to become partners in progress.” His words echoed the company’s unwavering ambition to achieve global competitiveness.
Credit Rating Upgrade: From Strength to Strength
Since Otunba Bimbo Ashiru assumed the role of Chairman at Odu’a Investment Company Limited (OICL) in June 2022, the company has demonstrated a steadfast commitment to financial growth and delivering value to its shareholders.
Financial Performance and Profitability
Before his assumption of office, in the 2022 financial year, OICL reported a profit before tax (PBT) of ₦4.08 billion, a decrease from the ₦9.37 billion recorded in 2021. This decline of course was primarily due to lower revaluation gains on investment properties, which dropped from ₦7.11 billion in 2021 to ₦2.98 billion in 2022. Excluding these revaluation gains, the normalized PBT stood at ₦1.1 billion for 2022, compared to ₦2.26 billion in 2021. Despite these challenges, the company’s assets experienced a growth of 3.6%, rising from ₦110.56 billion in 2021 to ₦114.51 billion in 2022.
In the subsequent 2023 financial year when Ashiru had fully resumed his position as the Board Chairman, OICL achieved a PBT of ₦1.961 billion, marking a 7% increase in operating revenue from ₦3.68 billion in 2022 to ₦3.95 billion. When adjusted for revaluation gains, the real-term PBT exhibited a substantial growth of 62%, escalating from ₦1.092 billion in 2022 to ₦1.772 billion in 2023.
Dividend Declarations
Reflecting its commitment to rewarding shareholders, OICL declared a dividend of ₦428 million for the 2022 financial year, representing a 2.2% increase from the ₦418 million distributed in 2021. This brought the total dividends paid over the preceding nine years to ₦2.56 billion.
For the 2023 financial year, the company maintained this dividend payout, with shareholders approving a total dividend of ₦428 million. This marked the tenth consecutive year of dividend payments, cumulatively amounting to ₦3.11 billion over the decade.
Abinitio in 2023, Odu’a Investment Company Ltd was rated A+ by Agusto & Co but in September 2024, Agusto & Co. upgraded OICL’s credit rating from ‘A+’ to ‘A++,’. This 2024 upgrade stands as a resounding endorsement of the company’s robust financial and operational strategies under the visionary leadership of Otunba Bimbo Ashiru.
This achievement connotes OICL’s resilience, operational efficiency, and prudent fiscal management across its diversified portfolio, which spans sectors such as real estate, agribusiness, energy, and hospitality. Central to this upgrade is the company’s strengthened operating cash flow, a diversified income structure that reduces dependency on singular revenue streams, and an improved funding model focused on low leverage and strategic partnerships. These pillars not only reflect astute governance but also a deliberate focus on maximizing asset utilization and revenue generation.
The implications of this milestone are far-reaching. With its enhanced A++ rating, OICL has solidified its credibility as a low-risk, high-potential investment platform, attracting strategic partnerships and opening doors to large-scale projects.
Furthermore, the upgrade positions the company favorably for accessing financing under more competitive terms, enabling greater flexibility in pursuing its ambitious growth agenda. Coupled with its consistent dividend payouts, OICL has demonstrated a steadfast commitment to shareholder value and corporate governance. This accolade is a clear indication to Otunba Ashiru’s leadership in transforming OICL into a world-class conglomerate, fostering trust, innovation, and excellence in the South-West economic landscape.
Partnership to Boost MSMEs
In July 2024, OICL signed a Memorandum of Understanding (MoU) with the Nigerian Office for Philanthropy and Impact Investing to provide grants and support for Micro, Small, and Medium Enterprises (MSMEs) in the South-West states. This partnership focuses on capacity building, offering skills training and programs to enhance the capabilities of local MSMEs, thereby fostering economic growth and development in the region.
Digital Literacy Initiative and Workforce Professional Development
In October 2024, Odu’a Investment Foundation, the non-profit social impact arm of OICL, celebrated the one-year anniversary of Project DEFINED (Digital Education for Innovation and Economic Development). This digital literacy initiative aims to equip students in public schools across South-West Nigeria with essential digital skills, preparing them for the evolving digital economy.
Odu’a Investment Company Limited (OICL) has also demonstrated a steadfast commitment to the professional development of its workforce, recognizing that a well-trained and motivated team is pivotal to the company’s sustained success. Under the stewardship of Otunba Bimbo Ashiru, OICL has implemented several initiatives aimed at enhancing employees’ skills and fostering a culture of continuous learning.
A cornerstone of OICL’s manpower development strategy is the establishment of the Odu’a Investment Foundation (OIF), a non-profit organization dedicated to promoting social development and welfare across the six South-West states of Nigeria.
The foundation’s initiatives include capacity-building programs designed to equip employees with essential skills, thereby enhancing their professional competencies and contributing to the company’s overall growth.
In addition to internal training programs, OICL has forged strategic partnerships to bolster its workforce’s capabilities. Notably, the collaboration with the Nigerian Office for Philanthropy and Impact Investing focuses on providing grants and capacity-building programs to local Micro, Small, and Medium Enterprises (MSMEs) in South-West Nigeria. This partnership not only supports the broader community but also offers OICL employees opportunities to engage in impactful projects, thereby enhancing their professional experience and expertise. Through these concerted efforts, OICL conveys its dedication to the professional growth of its staff, ensuring that the company remains a dynamic and competitive entity in the ever-evolving business landscape.
Intrinsic Infrastructure Development and Renewal
On July 31, 2024, Odu’a Investment Company Limited (OICL) inaugurated its new liaison office on Lagos Island, strategically located within the historic Western House building; the first high-rise in Lagos State. This strategic move aims to strengthen OICL’s presence in Lagos, facilitating closer engagement with the investment community and fostering regional integration across Nigeria’s South-West.
The liaison office serves as a communication bridge between OICL and its stakeholders, enhancing operational efficiency and supporting the company’s growth objectives.
Also in October 2024, OICL completed the renovation of the Cocoa House Car Park and its surroundings in Ibadan. This project enhances the Central Business District, reflecting OICL’s commitment to revitalizing key infrastructure within its assets to support economic activities in the region. These intrinsic achievements in 2024 is a significant pointer to OICL’s dedication to strategic growth, financial stability, and socio-economic development in Nigeria’s South-West region.
A Legacy of Leadership and Innovation
Otunba Bimbo Ashiru’s tenure at OICL is a masterclass in leadership; his leadership exemplifies the maxim, “Great leaders don’t set out to be heroes; they set out to make a difference.” And indeed, Ashiru is making all the difference. His ability to think outside the box and execute with precision in partnership with other board members and staffs has transformed OICL into a beacon of excellence.
With a knack for turning challenges into opportunities. Ashiru has not only charted a new course for OICL but has also inspired confidence in the company’s stakeholders, most importantly the major ones, including Governor Dapo Abiodun of Ogun State, Governor Babajide Sanwo-Olu of Lagos State, Governor Seyi Makinde of Oyo State, Governor Adeleke Ademola of Osun State, Governor Biodun Oyebanji of Ekiti State and Governor Lucky Orimisan Aiyedatiwa of Ondo State respectively.
Odu’a Investment Company now stands as a shining example of corporate excellence and visionary stewardship. Through its unwavering commitment to innovation, strategic growth, and a relentless focus on human capital development, OICL has not only redefined the business landscape of Nigeria’s South-West but has also laid a solid foundation for sustainable, long-term success.
The company’s proactive approach to workforce empowerment, its diversified portfolio, and its pursuit of world-class standards in all its endeavours illuminates a deep dedication to the prosperity of its people and the broader region.
As OICL continues to flourish, it remains a beacon of progress, a symbol of resilience, and a manifestation to the transformative power of effective leadership in shaping a future of boundless opportunities.
