Odu’a Group Holds Annual Directors Meeting; Highlights Growth, Governance

Odu’a Group Holds Annual Directors Meeting; Highlights Growth, Governance

THECONSCIENCE NG reports that Odu’a Investment Company Limited on Thursday convened its annual directors meeting at the Airport Hotel in Lagos.

In a historic first, past chairmen joined current directors for the annual event, sharing valuable insights on the company’s future direction.

During the meeting, Otunba Bimbo Ashiru, Group Chairman, emphasized the collective commitment to enhancing corporate governance, driving strategic transformation, and securing a sustainable future for Odu’a Group.

He noted the company’s impressive financial growth, profitability, and governance under the current leadership. “We have experienced significant and consistent revenue growth, improved profitability, and enhanced cost management across the group. Our transformation journey, outlined in the SRC 2025 strategic document, is underpinned by a firm dedication to corporate governance, strategic growth, and operational excellence.”

Ashiru highlighted the group’s achievement of uninterrupted dividend payments to shareholder states over the past 11 years, alongside a considerable rise in revenue and profit before tax (PBT). “These accomplishments reflect the effectiveness of our strategic initiatives and the commitment of our leadership team,” he stated.

He commended stakeholders, particularly Lagos State, for resolving the N1.2 billion LASSPPA fee, with the Lagos State Governor approving a concession for a full and final payment of N312 million for construction permits on 13 OICL properties.

Ashiru also extended gratitude to the Oyo State Governor for concessions on premium fees for each property.

He added, “Our portfolio rebalancing efforts, including strategic real estate disposals, are designed to enhance liquidity and financial sustainability. We have acquired 8,716 acres of land near Premier Hotel from the Oyo State Government and renewed the lease of the 6.067-hectare BCGA Apata property for another 99 years, retroactive to 2013, as part of our land banking initiative.”

He expressed enthusiasm for the Agusto Ratings received by Wemabod, its real estate subsidiary, and the OICL group, which received ratings of A and A+ respectively, with expectations for stronger ratings in 2025 to boost investment appeal.

During his address, Ashiru underscored the importance of corporate governance: “Navigating today’s economic landscape requires robust governance, which remains the cornerstone of our success. My meeting with subsidiary chairmen on September 8, 2024, reaffirmed our collective commitment to reinforcing corporate governance and strategic alignment.”

Reflecting on the company’s legacy and infrastructure development, he noted the significant milestone of Cocoa House celebrating its 60th anniversary this year. “We are planning celebrations and stakeholder engagements to highlight this historic landmark’s ongoing relevance in our business portfolio. Furthermore, the successful commissioning of the Cocoa House Enhancement Project on October 30, 2024, exemplifies our commitment to preserving and enhancing our heritage assets.”

He also mentioned the Premier Hotel Redevelopment, which is progressing well, with 25 months of work completed and a grand reopening anticipated in Q2 2026.

Ashiru remarked on the company’s expansion and collaboration efforts. “Odu’a Investment has broadened its strategic partnerships. Our collaboration with the DAWN Commission is fostering new opportunities for regional economic integration, while our alliance with Iwosan Hospital Investment Limited is paving the way for the establishment of Medical Parks, enhancing healthcare infrastructure in our region.”

Additionally, the Epe Plywood premises are being repurposed into a strategic property investment to maximize asset utilization. In the energy sector, the BITA Exploration initiative is gaining momentum, and efforts are underway to secure funding for first oil in 2025.